A SPECIAL THANKS TO ALL OF OUR PARTNERS

PREFERRED PARTNERS

HONORARY PARTNER RESOURCE PARTNER

FUNDS GN Store Nord Fondet

Tranes Fond

Reinholdt W. Jorck & Hustru Fond

PRODUCT SPONSORSHIPS

CBS CASE COMPETITION EDITORS: Copenhagen Business School Maja Nyvold, Katja Grothe-Eberhardt, Casper Hansen, Porcelænshaven 20 Stine Stenbirk and Kajin Rashid 2000 Frederiksberg Denmark DESIGN AND GRAPHICS: Clara Maj Andersen, [email protected] www.casecompetiton.com [email protected] PHOTO CREDIT: Philip Høpner, [email protected] Annual Report 2017/2018 CVR No: 3323 6298

1 ANNUAL REPORT 2017-2018

2 TABLE OF CONTENTS

3 05 OUR MISSION, VISION AND VALUES

06 LETTER FROM THE CHAIR OF THE BOARD

08 MANAGEMENT'S REVIEW

10 THE HISTORY OF CBS CASE COMPETITION

11 THE CASE CHALLENGE OF 2018

13 THE INTERNATIONAL COMPETITION

14 CBS CASE COMPETITION OPEN

15 WEEK 9 RECAP

17 THE PEOPLE BEHIND CBS CASE COMPETITION

19 THIS YEAR IN NUMBERS

20 CBS CASE COMPETITION'S NEW COLLABORTATION

21 BUSINESS BATTLEFIELD

23 GOVERNANCE

24 MANAGEMENT'S STATEMENT

25 INDEPENDENT AUDITOR'S REPORT

27 FINANCIAL STATEMENTS

32 SIGNIFICANT ACCOUNTING POLICIES

4 OUR MISSION IS TO CREATE LIFETIME EXPERIENCES In everything we do and for everyone we touch, we create experiences that inspire you, that challenge you, that shape you - and that you’ll never forget.

OUR VISION IS TO PAVE THE ROAD FOR THE LEADERS OF TOMORROW We want to build a creative playground for inspiration and development that will nurture today's talent into becoming tomorrow's leaders.

OUR VALUES

WE STRIVE FOR EXCELLENCE We strive for excellence in how we connect with different worlds, in how we operate and in how we interact with people around us.

WE CHALLENGE THE STATUS QUO We encourage big ideas and fight against complacency. We embrace our failures and learn from our mistakes when pushing our limits.

WE ARE A TALENT FACTORY We want to be a fast-track for personal growth. We develop our people to be competent, humble and inspirational leaders by continuously expanding our personal and professional toolbox. “

WE VALUE LONG-TERM RELATIONS We build and value long-term relations. We do our utmost to always bring something new to the table while also honoring long-standing commitments and relations.

5 LETTER FROM THE CHAIR OF THE BOARD 2018

Dear friends, 2017/18 has been yet an exciting year for CBS Case Competition. Not only did the organizing committee execute another incredible WEEK 9 with exposure to more students than ever before. We also had new initiatives and developments in the association, which I am personally very excited about and believe will prepare our organization for the future.

In 2017, CBS celebrated its 100th anniversary and in relation to this, the association behind CBS Case Competition received funding to create something extraordinary as part of marking the anniversary. There were few limitations, but it was important to us that it was in line with our values. Five passionate students worked during the year to develop a new and innovative event “Business Battlefield – The Ultimate Hunt for the Leader of Tomorrow” which was held on 3rd of November 2017 with great success.

It marked a new competition with the purpose of testing student's foundational leadership skills. You can read more about the concept on page 22. During the event, there was an excitement and energy, which compares with the finals day of CBS Case Competition and the feedback was remarkable from both participants and partners. A new organization is already working on a 2.0 version of the competition and we are very excited that we can add this Maja Nyvold, Chair of the board new concept to the CCC portfolio and have high ambitions for Business Battlefield going forward. This is also the underlying reason for the proposed re- definition of the association’s purpose where we want to broaden the focus to not only have CBS Case Competition We are more than just a case as part of the association, but broaden it to allow for new competition. initiatives to spin off and develop under the umbrella of our values. Our DNA and mission is still to create lifetime Besides“ supporting the Organizing Committee, the experiences for everyone involved - both students, Board's focus this year has been to review and reflect participants and partners and now we have more in the on the direction of the association. We have looked at pipeline than ever before to deliver this mission. the competitive landscape, the development of CCC All the best, and our brand today. This has led to an updated version of the association’s vision and values where we have strengthened the emphasis on the development of future leaders. We want to do this by expanding the activities of the organization. Furthermore, we always want to be an organization that challenges the status quo, encourages big Maja Nyvold ideas and fights against complacency. Chair of the Board

6 2018 STEERING 7 COMMITTEE MANAGEMENT'S REVIEW

MANAGEMENT’S REVIEW However, by having re-defined these values so that they When entering the roles as Steering one year ago, we truly appeal to our work today, we hope that next year’s knew very little of what to expect. We can, without a doubt, organization will feel connected to them and bear them in ascertain that it has not been disappointing! Being able mind every step of the way. to experience our voluntary, fellow students, but also ourselves, grow with the task for each passing day has 2018 FISCAL RESULTS been a true privilege and something we would not be This year, we achieved a total funding of DKK 2 mill. without. Net profits this year is DKK 505.395, which will be allocated Being in charge of such a well-established organization, to future long-term strategic initiatives. like CBS Case Competition, puts quite the pressure on one's shoulders. It is an organization in continuous THANK YOU development and the result each year never disappoints. There are so many people that we would like to thank, now We are thrilled and proud that once again, this year was a that our time as Steering has come to an end. Our partners, success. charitable foundations, and sponsors, for being such important building blocks in this year’s case competition. DRIVING STRATEGIC INITIATIVES AND AMBITIONS Every year, the Steering Committee faces the challenge Our Board of Directors for their continuous support and of being a team that is only appointed for one year. This challenging questions, forcing us to always strive for the makes greater strategic changes tough to implement. best solution to a given problem. However, we continuously manage to find ways of CBS for continuously supporting our organization with improving and testing our competition. endless patience and willingness to help out wherever they can. Last year, we developed a new corporate visual identity in collaboration with Kunde & Co. This was a big step towards Last, but definitely not least, we want to thank our an even more established organization as it has allowed Organizing Committee. Your commitment has been us to create a professional and aligned face towards our amazing, your energy, your smiles, your ideas, and your external audience. Being an organization, whose work efforts have meant more than a few lines in an annual slowly expands, it is important to be aware of your own report can ever explain. identity. Thank you! Besides working on our visual identity, we looked inwards and re-defined our core mission, vision and values with the Board (see page 5). Working within a framework of values is important, however not easy. It is common to experience large and professional corporations struggle with this. Being a voluntary and student-driven organization, it is definitely not easy to implement such values in the day-to- Kajin Rashid Stine Stenbirk day operations. Steering 2018 Steering 2018

Speaking at the Grand Final in front of +450 people

8 WELCOME SPEECH AT THE CARLSBERG 9 MUSEUM THE HISTORY OF CBS CASE COMPETITION

A LOOK BACK... AND AHEAD CBS Case Competition dates back to 2002, when a small WHAT IS A CASE COMPETITION? group of students were inspired by the trend developing in the US and decided to plan the very first case competition THE CONCEPT OF A CASE COMPETITION consists at Copenhagen Business School. Since then, CBS Case of talented students competing against each other Competition has evolved into the largest international to provide the best solution to a real-life business challenge within a given timeframe. It provides event at CBS and has become one of the most prestigious students with an opportunity to challenge themselves undergraduate case competitions in the world. on relevant issues put forward by a company while at the same time developing their professional and Although CBS Case Competition was founded on the personal toolbox throughout the competition. idea of competition, the ambition has never been to only include the selected few. It has always been part of CBS THE COMPETING TEAMS are usually selected in an Case Competition's DNA to encourage learning for as effort to combine complementary competencies many students as possible. This has resulted in an entire within the team. The team members are trained in week of events known today as WEEK 9. Throughout this problem solving, strategy development, presentation skills, financial modeling and teamwork, and all teams week students get the opportunity to engage with exciting practice hard prior to the competition in order to business partners and to learn about the concept of case improve their chances of winning. solving. WEEK 9 is ever expanding and every year the Organizing Committee challenges themselves to come up INTERNATIONAL CASE COMPETITIONS are held at with innovative events to the benefit of all CBS students multiple business schools around the world, including (turn to page 15). Furthermore, we have broadened the of course Copenhagen Business School. They are like concept of case solving with our CCC OPEN since 2009, any other form of championship – great pride and letting all students in Northern Europe participate in the prestige befalls the winning team, and many students competition (turn to page 14). can use this experience to further their professional careers after graduation. In recent years, the concept of case competition continues to become increasingly widespread. We choose to embrace this as it only means that more people support our vision of paving the way for the leaders of tomorrow. However, this also means that we as an organization continuously need to push ourselves harder for each passing year. We need to innovate our concept and be It has always been part of CBS creative in our approach. We believe that adversity builds Case Competition ’s DNA to strength and resilience, and that we always learn more want to spread the learnings as from being challenged rather than being accommodated. “ One thing is certain – CBS Case Competition faces exciting well as atmosphere to as many times ahead, so stay tuned. students as possible.

10 THE CASE CHALLENGE OF 2018

11 “

The case writers of CBS Case Competition are each year Whether it is the cream in your coffee, the milk on your presented with the daunting task of selecting the year’s cereal, or the butter on your bread, almost everyone case company. The case writers work with full autonomy can recognize consuming or having consumed a dairy in the search of a case company eager to subject their product. The dairy industry has primarily grown due to current challenges to more than a thousand students’ the preconceived notion of the benefits of dairy. Having problem-solving skills. This year, the case writers wanted to high contents of calcium, dairy can play an important use this unique opportunity to collaborate with companies role in building and maintaining a strong bone structure, facing challenges and opportunities relevant for students not only in childhood, but throughout our entire lives. as well as work with the format of the competition in order Consequently, dairy consumption has been anchored to make the experience of solving it closer to a real-life as a traditional and cultural part of most European experience. consumers’ daily diets, most commonly passed on from parents to their children. THE KICK-OFF CASE As an introductory case experience, the global participants However, in recent years, the dairy industry in Europe has are faced with a four-hour case Monday in week 9. This been challenged especially by younger consumers, who year, the students had their skills put to the test as they have a very different relationship to food and beverages were faced with a case that addressed digitalization in an compared to previous generations. T0day’s younger industry that most students are familiar with: academic generation is more focused on health, and they are publishing. The participants were asked to help Lix becoming more aware and fragmented in their way of Technologies in their efforts to provide university students living. Given these changing consumer trends, the milk with cheap and easy access to academic textbooks. In category has lately been in decline in the entire region. particular, the case revolved around how Lix Technologies could expand to the US and target students in higher Therefore, the challenge for Arla Foods is to stay relevant education to become their preferred study platform, and and trusted by young European consumers, who are ultimately convince professors to opt for digital rather than changing their food habits more rapidly than ever before. printed textbook material. The solutions to this issue were The company asked students for solutions on how they very creative and it was exciting to see how students used can connect and build long-lasting relationships with the their knowledge to ponder on this case. next generation of dairy consumers in Europe.

THE MAIN CASE MAIN CASE QUESTION For the main case, students were introduced to a global How can Arla Foods ensure that dairy and the Arla® dairy company with strong Scandinavian roots and a unique brand is trusted and relevant for younger consumers in history of farmer ownership: Arla Foods. Europe so that it can deliver on the Good Growth 2020 targets and build a strong, sustainable foundation for the future?

12 THE INTERNATIONAL COMPETITION

Every year 12 top universities from around the world are invited to Copenhagen to participate in the CBS Case Competition. These 12 schools are carefully selected through an application-based process from a pool of app. 50 applicants. This year we were happy to invite four new schools that had never participated in CCC before. A team consists of four talented undergraduate students and one faculty advisor. They were asked to solve a real-life business problem provided by this year’s case company, Arla Foods. The case must be solved within a 28-hour window and the teams had to present their findings immediately after. The University of New South Wales For us, the competition was took home the trophy as the prominent jury agreed a great opportunity to meet they delivered themost bold, interesting “people from all over the world, and feasible solution. to think deeply about business issues, and to immerse ourselves in Denmark.” Team UNSW, Winners of CBS Case Competition 2018

13 The winners of CBS Case Competition 2018 from UNSW CBS CASE COMPETITION OPEN

Throughout the past 10 years, OPEN has evolved to With OPEN 2018, we have continued the past year’s become an integral part of CBS Case Competition. development by using a two-fold strategy of pushing the Starting out as Beat the Elite in 2009, the aim of OPEN is boundaries of the competition while still nurturing the core now much more than comparing oneself to the best. The strengths of learning and inclusiveness by: competition is an enabler for students from all over Europe • Launching a new case training section on our webpage with an interest in case solving. OPEN takes students on specifically tailored to inexperienced case solvers, including a learning journey that reaches far beyond the academia a case solving tool box made in collaboration with CBS taught in school, all while our distinguished partners get the Case Club. opportunity to spot the raw talents in action. • Hosting a case training event with more than 200 participants together with our consulting partner, QVARTZ OPEN is one of the biggest open case competitions in the • Boosting our efforts outside CBS, including hosting a world, allowing students from all over Europe to submit training event for 100 engineering students at DTU. their solution. This year 500 students in teams of 4 had 22 hours to solve the case before uploading 15 slides and an With participants from 26 universities, and the top 20 teams executive summary. The top 12 teams were invited to the from 6 different countries, OPEN has developed an even semi-finals in Copenhagen where they presented their stronger foundation for the years to come. The winners solution in front of top executives from the Danish business of this year's OPEN was a CBS team consisting of Rikke society. Three groups were selected for the final, but all 500 Helvind, Jonas Jerlang, Jeppe Schmidt, and Ingmar students participating benefited from the focus of OPEN, Oemig. A big congratulations to you. which is to learn through our unique, in-depth written feedback for all participating teams.

The winners of CBS Case Competition OPEN 2018

14 WEEK 9 RECAP

During WEEK 9, CBS Case Competition takes over CBS the panel debate. This year, we scaled up the panel with events, happenings, freebies, high spirits, and both debate by adding a reception with dinner and beverages physical and digital promotion across campus. We enable afterwards, in order to connect students from different our partners to tailor events in collaboration with students, years and programs. as we have done for the past 16 years, resulting in a level of student awareness that is higher than ever before. Given LESS IS MORE the increasing participation of students, the increasing CBS Case Competition strives to make our partner events competition from other student organizations and the student engaging. This year, we aimed at creating less, enormous interest from our partners, we have extended but larger events. The purpose was to make it easier for our presence at campus during the year. In WEEK 8 we students to navigate through the week program and thus, have added even more events and happenings, making make it easier for them to participate and engage with our the intersection between students, partners, and sponsors partners. Furthermore, having fewer events enabled us to even greater. bring more attention to the individual events and secure a higher quality. EVENT HIGHLIGHTS We invited top executives from our partner companies to We give our partners the chance to interact directly with shed light on how they navigate in international politics, in the students at CBS. While planning the event, they have regard to globalization, under the theme “Crossing borders: the opportunity to use the Organizing Committee to gain Consequences of Globalization”. We had the honor of valuable access to the minds of the students and thereby presenting Margrethe Vestager, European Commissioner plan the perfectly tailored event. With student engagement for Competition, as opening speaker and panel participant. in mind, we ensure that our partners get the event that Journalist Clement Kjersgaard, who was nominated best best suits their needs, but also meets the interests of the journalist in Europe in 2017, again successfully moderated students.

WEEK 9 SCHEDULE 2018 MON 26th TUE 27th WED 28th THU 01st FRI 02nd BREAKFAST MEET CASE SECRET CBS CASE WITH SANTANDER LAUNCH CASE COMPETITION ØRSTED CONSUMER COMPANY OPEN FINAL BANK EVENT 2018 THINK BIG. BE BOLD! HOW TO CASE CBS CASE WITH COMPANY SUCCEED COMPETITION ØRSTED WITH MEET TAKEOVER THE CASE GRAND TO THE KASPER HVIDT COMPANY FINAL 2018 BONE OF ØRSTED SANTANDER’S DELOITTE FINAL AND CORPORATE PRIZEGIVING FIGHT NIGHT CEREMONY & CARLSBERG LOUNGE

15 16 THE PEOPLE BEHIND CBS CASE COMPETITION

THE PEOPLE BEHIND CBS CASE COMPETITION This year the organization has been divided into nine CBS Case Competition is a 100% voluntary and student- groups, each having a Group Responsible who reports to driven organization. This means that the competition is run the two-person Steering Committee. without any economic support from the general admin- istration of CBS, however with great support on more STEERING COMITTEE practical matters. No ship without a captain! Steering leads the overall ex- ecution of CBS Case Competition by recruiting the entire The backbone of the organization consists of 35 students Organizing Committee and helping the Board of Directors who dedicate themselves to planning and executing the in selecting the Steering Committee of the following year. competition in the span of 10 months. This year, we have They also manage and develop long-term relationships had an extra five students planning the first-time ever with external stakeholders. Business Battlefield, meaning that we were a total of 40 volunteers.

The CBS Case Competition Organizing Comittee 2018

17 THE ORGANIZING COMMITTEE

BUSINESS RELATIONS Secures the funds for the competition and raise all funding through both partners and foundations. Business Relations also recruit the jury for the finals.

CASE WRITERS Develops the real-life business challenge! They write the case to be solved in week 9 in close collaboration with the case company. The Case Writers also assist with the preparations of the case company’s activities at CBS during week 9

OPEN Enables even more students to take part in the case-solving by promoting and executing the OPEN part of CBS Case Competition. OPEN maintains and develops the relationship to Northern Europe with the aim of having them participate in CBS Case Competition OPEN.

PR & MARKETING What is your work worth if no one gets to see it? PR & Marketing maintains and develops the overall marketing blueprint and design, and is also responsible for the overall promotion of CBS Case Com- petition including graphics, social media, videos, press etc.

STAKEHOLDER ENGAGEMENT Makes everyone at CBS a part of week 9 by developing and executing all student-related events up to, and during, week 9 in close collaboration with our partners. They also manage the overall planning and execution of the Grand Final in week 9.

INTERNATIONAL RELATIONS Creates the lifetime experiences to bring back home by selecting schools for the international com- petition, managing all communication with them, and developing and executing the social program for the international participants. They also recruit the Team Hosts responsible for a team each.

FINANCE Without controlling and procurement, no balance or bottom line. Finance oversees the procurement efforts, runs all financial accounts and provides financial control and reporting to the organization and the Board of Directors

IT The backbone of operational excellence. IT manages our organization’s technical infrastructure, provides technical assistance to the organizers and manages the overall responsibility of the complex technical operations during week 9

18 THIS YEAR IN NUMBERS

84 TEAMS From 15 countries and 22 different universities submitted a solution for CCC OPEN. 60 HOURS On average per week in February was spent by our case writers on writing the Arla case. 85,000 KM The international schools have travelled 85,000 km. in total to participate in CBS Case Competition 6,000 Visitors visited our Facebook page during week 9 and857 people used our Snapchat filter.

1919 The international case teams and the Organizing Comittee at the welcome dinner CBS CASE COMPETITION'S NEW COLLABORATION

This year, CBS Case Competition has had great pleasure of Each semester, the Club offers an Academy training collaborating with the new student organization, CBS Case program where 100 selected students learn about all Club. There are many synergies with the club which was the essential parts of case solving together with CBS founded with the overarching goal of elevating the general International Case Team alumni and leading management case solving level at Copenhagen Business School. consulting companies. Executed through a series of 7 workshops, the program is tailored to provide students Examples hereof include promoting CBS Case Competition –having no or minor experience – with the basic tools to Open to the Club’s Academy and social media channels, excel in case competitions. creating a special edition of the Club’s case solving toolbox for CBS Case Competition Open to distribute, and co- All efforts of CBS Case Club to fulfill its ambition will directly hosting promotion events for CBS Case Competition Open. and indirectly promote CBS Case Competition and prepare students to take part in the great learning experience that CBS Case Club provides students with the tools and it presents. Thus, significant growth opportunities lie ahead methods needed to excel in case solving and has become within this new collaboration. a place to meet and learn from like-minded case solvers as well as finding peers to form teams for case competitions.

20 BUSINESS BATTLEFIELD

“

21 A NEW STAR IS BORN for us to create something different from Case Compe- To celebrate the centenary of CBS, CBS Case Competition tition, and something that could reach another group of developed a new concept for challenging and training students than a case competition typically attracts. students in real-life applicable situations while helping to bridge the gap between academic theory and practice. Practically, 32 CBS students were selected based on Developed by the new Business Development (BD) com- application and divided into eight teams of four students. mittee, and funded by the DSEB-fund, the one-day event Prior to the event, the participants received a total of two Business Battlefield was born. full days of training by expert partners; The Negotiation Company (Negotiation), Pitcherific (Pitching), QVARTZ (Col- Business Battlefield took place the 9th of November and laboration) and Netcompany (Logical Reasoning). was “the ultimate hunt for the leader of tomorrow”. The event was centred around leadership and was designed On the day, the teams competed one against one, on a ro- to not just test, but also develop the students’ leadership tational basis, all challenges at the same time, so all teams capabilities by challenging and testing the participants in went through each challenge. In the end, one winning four key areas, essential for a future leader. The event was team and one winning individual were found. The winning rooted on the concept of thinking on your feet and process team won a career session with Heidrick & Struggles, and over result, why the challenges was designed to evaluate the individual winner won the grand prize of being CEO for and display the students’ skill, while they were working. a day at Deloitte, shadowing Anders Dons.

The four challenges were identified with the help of ex- The event received a lot of positive feedback from partic- ecutive search firm Heidrick & Struggles, and consisted of ipants, jury and partners, as well as sparking interest in the Collaboration, Negotiation, Logical Reasoning and Pitching. business world. Among this year's jury were: Throughout the developing of the event, it was important Per Henrik Mikkels Director, Institute for Leadership at Royal Defence College Nana Bule Director of Marketing and Operations, Microsoft Denmark Stine Bosse Business Battlefield has Professional Board Member managed to create a frame- ●Simon Mosegaard Fibiger “work that showcases multi- Vice President Sales on Trade, Carlsberg Danmark Henriette Søltoft ple types of talent. And that CEO, Federation of Danish Professional Service Firms is what the business world is Due to the events success, it was decided to continue looking for" Business Battlefield in 2018 as a spin-off from CBS Case Stine Bosse, Professional Board Member Competition, with the hope of making it a yearly tradition.

22 CBS CASE COMPETITION GOVERNANCE

The entire organization is accountable to the alumni creating and strengthening relationships across Organizing network, which is comprised solely of former members Committee generations. of the Organizing Committee. At the annual General Assembly, the alumni network elects the Board of THE BOARD OF DIRECTORS Directors, which the Steering Committee reports to. The Board of Directors formally appoints the new Steering Committee based on recommendations from the outgoing We uphold a clear distinction between governance, Steering Committee. which lies with the General Assembly and the Board, and execution, which lies with the Steering Committee and the The main responsibilities of the Board are to co-devel- Organizing Committee. In practice, this formal distinction op, review and approve the organization’s strategic and works in a very informal and smooth manner. financial plans and monitor the organization’s performance according to these. OUR ALUMNI NETWORK After finalizing a year of dedicated work, all Organizing Further, the Board pursues selected long-term initiatives Committee members automatically become members of with dedicated resources, with one example being the con- our alumni network. With 16 successful case competitions tinuous development of our alumni network. behind us, our alumni network now consists of more than 450 members, who may not have worked together but are Last, but not least, the Board provides coaching and spar- still connected based on their previous engagement in our ring to the Steering Committee as well as Organizing Com- organization. Each year, we invite our alumni members to mittee groups, which is directly in line with our ambition to social as well as inspirational events with the purpose of always be a talent factory.

ALUMNI BOARD OF STEERING ORGANIZING DIRECTORS COMMITEE COMMITTEE

Elects the Board of Elects the Steering Recruits the Organizing Becomes Alumni after 1 Directors Commitee Commitee year

450 people 6 people 2 people 35-40 people

23 MANAGEMENT'S STATEMENT

The Steering Committee, Finance Committee and Board of the Association and of the results of the Association’s Directors have today considered and adopted the Annual operations for 2017/18. Report of Foreningen bag CBS Case Competition for the In our opinion, Management’s Review includes a true and financial year 1 April 2017 – 31 March 2018. fair view of the matters addressed in the Review.

The Annual Report is prepared in accordance with the We recommend that the Annual Report be adopted at the Danish Financial Statements Act, the bylaws and the Annual General Meeting. accounting policies.

In our opinion, the Financial Statements give a true and fair view of the financial position at 31 March 2018 of

Frederiksberg, 17 May, 2018

Maja Nyvold Theis Malmborg Chair of the Board 2nd Chair of the Board

Line Hansen Katja Grothe-Eberhardt Board Member Board Member

Steffen Gabriel Brandenhoff Casper Foss Hansen Board Member Head of Finance

Kajin Rashid Stine Stenbirk Steering Committee Steering Committee

24 INDEPENDENT AUDITOR’S REPORT

To the members of the Association Foreningen bag CBS requirements of the Danish Financial Statements Act. We Case Competition did not identify any material misstatement in Management’s Review. OPINION In our opinion, the Financial Statements give a true and fair MANAGEMENT’S RESPONSIBILITIES FOR THE FINANCIAL view of the financial position of the Association at 31 March STATEMENTS 2018, and of the results of the Association’s operations for Management is responsible for the preparation of Financial the financial year 1 April 2017 - 31 March 2018 in accordance Statements that give a true and fair view in accordance with with the Danish Financial Statements Act. the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable We have audited the Financial Statements of Foreningen the preparation of financial statements that are free from bag CBS Case Competition for the financial year 1 April material misstatement, whether due to fraud or error. 2017 - 31 March 2018, which comprise income statement, balance sheet, statement of changes in equity and notes, In preparing the financial statements, Management is including a summary of significant accounting policies responsible for assessing the Association’s ability to (“financial statements”). continue as a going concern, disclosing, as applicable, matters related to going concern and using the going BASIS FOR OPINION concern basis of accounting in preparing the financial We conducted our audit in accordance with International statements unless Management either intends to liquidate Standards on Auditing (ISAs) and the additional the Association or to cease operations, or has no realistic requirements applicable in Denmark. Our responsibilities alternative but to do so. under those standards and requirements are further described in the Auditor’s Responsibilities for the Audit AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE of the Financial Statements section of our report. We are FINANCIAL STATEMENTS independent of the Association in accordance with the Our objectives are to obtain reasonable assurance about International Ethics Standards Board for Accountants’ whether the financial statements as a whole are free from Code of Ethics for Professional Accountants (IESBA Code) material misstatement, whether due to fraud or error, and the additional requirements applicable in Denmark, and to issue an auditor’s report that includes our opinion. and we have fulfilled our other ethical responsibilities in Reasonable assurance is a high level of assurance, but is accordance with these requirements. We believe that not a guarantee that an audit conducted in accordance the audit evidence we have obtained is sufficient and with ISAs and the additional requirements applicable in appropriate to provide a basis for our opinion. Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and STATEMENT ON MANAGEMENT’S REVIEW are considered material if, individually or in the aggregate, Management is responsible for Management’s Review. they could reasonably be expected to influence the economic decisions of users taken on the basis of these Our opinion on the financial statements does not cover financial statements. Management’s Review, and we do not express any form of assurance conclusion thereon. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we In connection with our audit of the financial statements, our exercise professional judgment and maintain professional responsibility is to read Management’s Review and, in doing skepticism throughout the audit. We also: so, consider whether Management’s Review is materially inconsistent with the financial statements or our knowledge • Identify and assess the risks of material misstatement obtained during the audit, or otherwise appears to be of the financial statements, whether due to fraud materially misstated. or error, design and perform audit procedures responsive to those risks, and obtain audit evidence Moreover, it is our responsibility to consider whether that is sufficient and appropriate to provide a basis Management’s Review provides the information required for our opinion. The risk of not detecting a material under the Danish Financial Statements Act. misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, Based on the work we have performed, in our view, forgery, intentional omissions, misrepresentations, or Management’s Review is in accordance with the Financial the override of internal control. Statements and has been prepared in accordance with the 25

25 • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Association’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 going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Association’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 related 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 report. However, future events or conditions may cause the Association to cease to continue as a going concern. • Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.

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.

Hellerup, 17 May 2018 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab

Kaare von Cappeln Søren Alexander State Authorised Public State Authorised Public Accountant Accountant

26 INCOME STATEMENT 2017/18 2016/17 Note DKK DKK Income, Preferred Partners 756.500 945.000 Income, Foundations 1.260.000 760.303 Gross Income 2.016.500 1.705.303

Travel expenses -29.918 -7.347 Planning expenses -134.238 -165.440 Entertainment expenses -5.340 -6.559 Marketing expenses -327.953 -317.400 Expenses directly attributable to Week 9 -762.092 -830.232 Alumni -6.759 -12.166 Other expenses -172.872 -131.578 Operating Expenses -1.439.172 -1.470.722

Income regarding prior year 6.042 13.131 Expenses regarding prior year -6.058 -400 -16 12.731

Depreciation 1, 2 -71.917 -59.496

Net profit/loss for the year 505.395 187.816

Allocation of net profit for the year Distributable Funds 505.395 187.816 505.395 187.816

27 BALANCE SHEET 2017/18 2016/17 Note DKK DKK Assets

Noncurrent assets Intangible assets IT 13.479 72.313

Total intangible assets 1 13.479 72.313

Tangible assets Equipment 30.628 23.212

Total tangible assets 2 30.628 23.212

Total noncurrent assets 44.107 95.525

Current assets

Receivables 762.799 427.019 Cash 1.235.474 941.461 Total current assets 1.998.273 1.368.480

Total assets 2.042.379 1.464.005

Equity and Liabilities Equity Restricted funds 500.000 500.000 Distributable funds 1.360.373 854.978 Equity, 31 March 2017 1.860.373 1.354.978

Current liabilities Accounts payable 182.006 109.027

Current liabilities 182.006 109.027

Total liabilities 182.006 109.027

Total equity and liabilities 2.042.379 1.464.005 28 STATEMENT OF CHANGES IN EQUITY

Restricted Distributable Funds Funds Total DKK DKK DKK

Equity at 1 April 2017 500,000 854,978 1.354,978

Net profit/loss for the year 0 505,395 505,395

Equity at 31 March 2018 500.000 1.360.373 1.860.373

29 NOTES

1 Intangible Assets

IT DKK

Cost at 1 April 2017 204.500 Cost at 31 March 2018 204.500

Depreciation at 1 April 2017 132.187 Additions for the year 58.834 Depreciation at 31 March 2018 191.021

Carrying amount at 31 March 2018 13.479

2 Tangible Assets

Equipment DKK

Cost at 1 April 2017 23.875 Addition for the year 20.499 Cost at 31 March 2018 44.374

Depreciation at 1 April 2017 663 Additions for the year 13.083 Depreciation at 31 March 2018 13.746

Carrying amount at 31 March 2018 30.628

30 31 Case Solving during WEEK 9 SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PREPARATION corresponds to nominal value less provisions for bad The Annual Report of Foreningen bag CBS Case debts. Competition has been prepared in accordance with the bylaws and the Danish Financial Statements Act applying Provisions for bad debts are determined on the basis of an to enterprises of reporting class A conformed to the individual assessment of each receivable. special condition of the Association and its rules.. The accounting policies applied remain unchanged from last IT year. IT is measured at cost less accumulated depreciation and less any impairment losses. The Annual Report for 2017/2018 is presented in DKK. Cost comprises the cost of acquisition and expenses RECOGNITION AND MEASUREMENT directly related to the acquisition up until the time when Revenues are recognized in the income statement as the asset is ready to use. In the case of assets of own earned. Moreover, all expenses incurred to achieve construction, cost comprises direct and indirect expenses the earnings for the year are recognized in the income for labour, materials, components and sub-suppliers. statement. Depreciation based on cost reduced by any residual value Assets are recognized in the balance sheet when it is is calculated on a straight-line basis over either five or probable that future economic benefits will flow to the three fiscal years, depending on the useful life of the asset. Association, and the value of the asset can be measured reliably. Equipment Equipment is measured at cost less accumulated Liabilities are recognized in the balance sheet when it is depreciation and less any impairment losses. probable that future economic benefits will flow out of the Association, and the value of the liability can be measured Cost comprises the cost of acquisition and expenses reliably. directly related to the acquisition up until the time when the asset is ready to use. In the case of assets of own INCOME STATEMENT construction, cost comprises direct and indirect expenses Income for labour, materials, components and sub-suppliers. Revenue encompass both Partners and foundations and are recognized in the Income Statement when the debtor Depreciation based on cost reduced by any residual value has confirmed its willingness to support the CBS Case is calculated on a straight-line basis over three fiscal years. Competition for the current accounting year. LIABILITIES Operating Costs Equity Operating costs comprise costs incurred to convene the Equity comprises restricted funds, which are the initial CBS Case Competition. premium at founding of the Association and distributable funds which are the retained earnings generated by the BALANCE SHEET continuous operations.

ASSETS Debt Receivables Debt is measured at amortised cost, which in all material Receivables are measured in the balance sheet at the aspects corresponds to nominal values for short, non- lower of amortised cost and net realizable value, which interest-bearing debt.

32