FORENINGEN BAG CBS CASE COMPETITION EDITORS: Copenhagen Jeppe Rasmussen, Maja Nyvold, Katja Grothe- Porcelænshaven 20 Eberhardt, Malthe Johansen, Rikke Knudsen, 2000 Frederiksberg Kristoffer LIppert, Kenneth Muldbak and Jeppe Tranekær Nielsen www.casecompetiton.com DESIGN AND GRAPHICS: [email protected] Bernadette Maria Grant, [email protected]

Annual Report 2018/2019 PHOTO CREDIT: CVR No: 3323 6298 Philip Høpner, [email protected] David Møller, [email protected] 2018 ANNUAL 2019 REPORT

Teambuilding with participants 2019

3 TABLE OF CONTENTS

5 OUR MISSION, VISION AND VALUES

6 LETTER FROM THE CHAIR OF THE BOARD

8 MANAGEMENT'S REVIEW

9 THE HISTORY OF OUR ORGANIZATION

11 CBS CASE COMPETITION

17 BUSINESS BATTLEFIELD

21 GOVERNANCE

22 MANAGEMENT'S STATEMENT

23 INDEPENDENT AUDITOR'S REPORT 25 INCOME STATEMENT 26 BALANCE SHEET

27 STATEMENT OF CHANGES IN EQUITY

28 NOTES

30 SIGNIFICANT ACCOUNTING POLICIES

4 OUR MISSION, VISION AND VALUES

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

STRIVE FOR EXCELLENCE CHALLENGE THE STATUS QUO We strive for excellence in We encourage big ideas and how we connect with different fight against complacency. worlds, in how we operate We embrace our failures and in how we interact and learn from our mistakes with people around us. when pushing our limits.

A TALENT FACTORY LONG-TERM RELATIONS We want to be a fast-track for We build and value long-term personal growth. We develop our relations. We do our utmost people to be competent, humble to always bring something and inspirational leaders by new to the table while also continuously expanding our honoring long-standing personal and professional toolbox. commitments and relations.

5 LETTER FROM THE CHAIR OF THE BOARD 2019

Dear Friends, The past year has yet again been an exciting one for our association. At our last general assembly, it was decided that we could open up for other events to be part of the association and so Business Battlefield has joined CBS Case Competition under the CCC umbrella.

For the 100th anniversary of CBS, we received funding to create something extraordinary as part of the celebrations. This led to the creation of Business Battlefield, a competition with the purpose of testing foundational leadership skills with the students. Now that Business Battlefield is part of our family, we see how the students across the CBS Case Competition and Business Battlefield organizations are working together and learning from each other. But for me even more importantly, more competitions mean that we are providing learning and lifetime experiences for more students because they choose our events to invest their time in. Exactly in line with our mission.

accessible participation for any student with an interest in case solving. We are reaching more students than ever with our mission." The primary focus areas of the Board this year has been to integrate and optimize our modus operandi and how “ we provide support to both our organizations while also CBS Case Competition also went broader than ever this developing the concept and framework for the CCC year with the new GLOBAL competition concept. A digital Development Pool. This will be launched in 2019 and competition where students from all over the world could enable the association to reach even more students with apply. And so, they did! We had a total of 3.000 students our mission to create lifetime experiences. across 65 countries participating in the competition, which proves that our brand and the efforts by the students can All the best, reach much broader if we have a framework that allows for

Maja Nyvold Chair of the Board

6 STEERING COMMITTEE BUSINESS BATTLEFIELD 2018

STEERING COMMITTEE CBS CASE COMPETITION 2019 7 MANAGEMENT'S REVIEW

BUILDING THE ORGANISATION A WALK DOWN MEMORY LANE Since November 2017, when it became evident that Another incredible year has passed for CBS Case Business Battlefield should not only be repeated, but Competition. The organization has reached some continue as its own organization, Business Battlefield have incredible milestones with new, bold ideas playing out undergone major transformation. As Steering, we have had - as always driven by the exceptional people within the a lot of focus on designing and building the organizational Organizing Committee. They are the backbone of our work, structure of an independent organization - an organization and as the Steering Committee, we have been honored to built on ideas and visions that integrates with the values of lead the organization and our great product for the past the Association CCC as well as fits the innovative nature of year. the Business Battlefield concept. In the end, we ended up as a team of nine highly dedicated, motivated and talented A NEW DIGITAL COMPETITION people. We embarked on the journey with a bold vision for our year. We wanted to take an organization, with a foundation REDISIGNING THE FORMAT of many solid years of success, to new heights by creating A part of being an independent organization, also means a renewed structure that could reignite innovation and being financially self sufficient. This meant redesigning forward thinking. We wanted to challenge our product, the competition format to be attractive for partners and taking some of the best elements from previous years to funds. Business Battlefield 2018 was a challenging year propel CBS Case Competition further than ever, through when it came to funding. Part of the issue stemmed from a new digital case format, which could provide a learning an unrealistic timeline, where the time needed in respect opportunity for everyone involved. of holiday periods where not taken in to consideration. Due to focus being on building the organization from scratch, THANK YOU designing the competition format, this had an impact on Both of us have been completely blown away by the our ability to raise sufficient funding. exceptional commitment from the Organizing Committee. They have been, and still are, quintessential leaders, taking A major focus in 2018 was broadening the appeal to a charge, driving initiatives, delivering results and realizing wider scope of students. A part of this was opening the dreams and ambitions. competition to all students, regardless of their study programme or university. Further, we decided to increase The 27 fire souls we had the pleasure of working with have the audience friendliness by opting for three Challenges all shown what it means to go above and beyond, despite and a grand finale as compared to last year’s four ridiculous hours and an unending amount of hard work. Challenges, as well as offer short crash-courses in each You challenged us; we hope we challenged you. Thank challenge, available to all interested students. you.

Kenneth Muldbak Rikke Birgitte Knudsen Kristoffer Lippert Jeppe Tranekær Nielsen Steering Committee Steering Committee Steering Committee Steering Committee Business Battlefield 2018 Business Battlefield 2018 CBS Case Competition 2019 CBS Case Competition 2019

8 THE HISTORY OF OUR ORGANIZATION

LOOKING BACK TO PLAN AHEAD This year, our Organizing Committee went above and A fast-changing world leaves little time for nostalgia. beyond, and created the first ever CBS Case Competition And whilst our 17 year old history might seem brief, it is GLOBAL competition, enabling undergraduate students two-thirds of a lifetime for most of the members of our from all over the world to share the experience of case organization. So why dwell on the past when we are solving. on a fast-track towards the future? We believe that a sophisticated understanding of the past is a powerful tool LEADING TOMORROW for shaping the future of our organization. We know that organizations must adapt to stay relevant, “ which is why we continuously try to create an environment In an ever-changing environment, last year’s best practices for growing ideas and talent. Therefore, it makes us might be outdated, so our focus is to share our values extremely proud when ideas grow larger than our concepts, rather than our ways of doing things. This forces our enabling us to expand our organization to concepts of organization to challenge the status quo in order to stay equal importance to our organization. Born within CBS Case ahead of our game, without losing track of our raison d'être. Competition in 2017, Business Battlefield has branched out to become a cutting edge scene for leadership, supporting IMPACT BEYOND BORDERS our vision of paving the way for the leaders of tomorrow. Since the start of our organization in 2002, it has been our mission to create memorable and inspiring experiences. With our focus on innovating ideas, we are excited to see Growing to become the largest student driven event how our organization will grow, change, and impact our at CBS, and being amongst the most prestigious stakeholders in the coming year. One thing is certain, we undergraduate case competitions in the world, our impact will never stand still. has become even greater. We are founded on the idea of a competition, but our ambition has always been to encourage learning for as many students, participants and corporate partners as possible. In addition to our invitational competition, students from Northern Europe have participated in our open competition since 2009, and thousands of students have participated in our partner events at CBS and other Danish universities year after year.

9 Since the start of our organization in 2002, it has “been our mission to create memorable and inspiring experiences."

Welcome Dinner, CBS Case Competition 2019

10 CBS CASE COMPETITION 2019

One of our key focus areas this year, was to ensure that we The focus was to ensure agility for everyone, allowing recruited for an organization that was capable of delivering innovative thinking to take not only our events, brand, and on our ambitions. That meant reducing the number of competitions further, but moving the organization further. students involved, making room for the selected few to truly deliver on their ambitions, and help take CBS Case Together, the team managed to lift a brand new Competition to new heights. organizational structure, battling the challenges that the organizational change brought, all whilst delivering killer We started out with just 17 people in May 2018, and added results across the board. 12 additional Organizing Committee members in October.

THE ORGANIZING COMMITTEE: 29 leaders of tomorrow creating lifetime experiences.

Steering Business Committee & Engagement GLOBAL Marketing Finance

Case International Intelligence Developers Relations

11 CBS CASE COMPEITITON GLOBAL

Our new competition, GLOBAL, realized an ambition CBS All in all, we engaged more than 3.000 students from Case Competition has had for years; creating a competition 65 countries around the world, delivering a truly global for all students in the world, regardless of geography. competition. Even with a 400% growth in hand-ins From sign-up to semi-finals, we facilitated an online case compared to the previous competition format, we stuck experience on our brand new digital platform developed to our promise of delivering tailored feedback to all teams specifically for this purpose. who submitted a solution.

The competition resulted in three finalist teams competing We were blown away by the traction of GLOBAL, and we in Copenhagen, delivering their solution to the Carlsberg cannot wait to see what future years may bring. case, in front of 400 spectators at CBS. The winning team from stayed in Copenhagen to partake as the 12th INVITATIONAL team.

GLOBAL 2019 case company:

CASE QUESTION:

"How can Carlsberg differentiate and

disrupt the on-trade scene, or find Winners of GLOBAL 2019 other high-value channels, to secure a 5% revenue growth in Europe by 2022.”

12 GLOBAL final 2019 GLOBAL final 2019 CBS CASE COMPEITITON INVITATIONAL

CASE QUESTION:

Maersk takover at CBS Campus "How can Maersk leverage its CBS Case Competition final 2019 position as a leader in the reefer shipping market to create valuable propositions for customers in the cold chain market? What should Maersk’s global cold chain strategy be for the next five years?”

Having a new competition available to students from case, in front of 500 spectators at CBS. The Danish singer, around the world, we also sought to improve the Nabiha, entertained the crowd, as the judges settled on the experience for the INVITATIONAL participants. We wanted winner, ultimately naming the CBS team victorious for the to create the ultimate case challenge for the 12 teams. first time in 15 years.

We did that by adding new elements to the traditional INVITATIONAL is the apex of case challenges, testing INVITATIONAL format, with new challenges during the the absolute elite of the case world against the business case solving, where the teams had to crack a big data issue problems of tomorrow; we are thrilled to have delivered a through coding, and deliver a pitch before handing in the unique challenge to the students. 34 hour case.

After the preliminaries, which included both the traditional presentation, and a unique boardroom-style challenge, the INVITATIONAL 2019 three finalist teams presented their solution to the Maersk case company:

13 PARTNERS AND WEEK 9

Once again, our week 9 delivered unique opportunities for Through week 8 and 9 we had exclusive visits from artists students to meet face-to-face with our partner companies, such as KOPS, Karl William, Nabiha and Jøden. Week 9 facing unusual and engaging challenges at the open never ceases to impress, and this year we went all in, trying booths around CBS, winning cool prizes and experiencing to deliver the ‘wow’ experience for all students. some of Denmark’s largest companies from a new angle.

We challenged our partners to take their events even further, to ensure they could grasp the students' attention.

There were intellectual challenges, fun competitions and, of course, a lot of free coffee…!

14 A SPECIAL THANKS TO ALL OF OUR FUNDS AND PRODUCT SPONSORS

FUNDS

Reinholdt W. Jorck & Hustru Fond

PRODUCT SPONSORS

15 Partner takeover at Solbjerg Plads, CBS Campus

16 BUSINESS BATTLEFIELD 2018

STANDING ON OUR OWN FEET the main challenges, three teams were selected to go to Ambition, imagination and 500.000 DKK from the DSEB- the finals with one winning team and one winning individ- fund, those were the pillars on which the concept of Busi- ual. ness Battlefield was initially developed. The three challenges culminated in a grand finale. Kilen In 2017, CBS Case Competition established the Business was filled to its maximum capacity and the finale was a Development committee consisting of five students, huge success. The audience were active during the entire with the ambition to create an event that should be “the event and could participate in various games and compe- ultimate hunt for the leader of tomorrow”, the team put titions through their smartphones. Mikkeller had sponsored together a never before seen concept centered around more than 800 beer which were distributed during the leadership. The concept was designed to not just test the finals. students, but to develop the students’ leadership capabili- ties, challenging the participants in four key areas essential The individual winner won the grand prize of being the for a future leader. Thus, the first ever Business Battlefield leader for a day at TV2, shadowing CEO Merete Eldrup. took place on November 9th, that same year. The event received a lot of positive feedback from par- ticipants, jury and partners, as well as sparking interest in Being a great success, Business Battlefield proved worthy the business world, and has (in our own modest opinion) of challenging the regular case competition format and raised for the standard of innovative events at CBS. showed potential to be the next big thing. Therefore, it was decided that Business Battlefield should be its own entity, breaking out of CBS Case Competition, and becoming a sister organization.

THE CONCEPT OF BUSINESS BATTLEFIELD Business Battlefield is rooted on the concept of thinking on your feet, which is why the challenges were designed to evaluate and display the students’ skills, whilst they were working - emphasizing the process over the result. This year, the three challenges, identified with the help of CBS Students, consisted of Communication, Negotiation and Crisis Management.

36 students were selected based on their motivational letter and divided into nine teams of four students. Prior to the event, the participants received two full days of train- ing by our expert partners. On the day of the competition, the teams competed against each other, on a rotational basis, all challenges at the same time, so all teams went through each challenge. Based on their performance in

17 DIVERSITY

21 different nationalities among the applicants and 13 nationalies among the final participants. Out of 36 participants, 21 THE TEAM OF 2018 were female. In 2018, the Business Battlefield organization consisted of nine students covering three different areas of responsi- bility:

FULL HOUSE AT KILEN Steering Committee At the head of our organization we have a Steering Com- 320 watching the final mittee. Overall, they were responsible for the execution of resulting in Kilen being fully Business Battlefield. booked.

Challenge Managers MIX OF SCHOOLS The Challenge Managers were tasked with developing the three challenges and the final. Alongside with planning the Applications came from 5 challenges, the Challenge Managers assisted the Steering different universites in Den- Committee in fund-application and business relations. mark - and among partici- pants were students from Marketing 4 of them. The Marketing group were responsible for defining and managing our brand by producing material to promote our activities and create awareness about the event as well as prepare graphic material and print.

Steering Committee Challenge Managers: Challenge Managers: Kenneth Muldbak and Negotiation and Final Communication Rikke Birgitte Knudsen Ida Rask Jepsen and Isabella Rose Simone Jensine Høholt Larsen Nygaard Lensborn (and Marcien Charlier)

Marketing Challenge Manager: Finance Clara Maj Andersen Crisis Mangement Malthe Johansen Thomasine Nilson Wrede

18 I am absolutely amazed by the level of dedication and motivation “of the participants. If you all stay in Participants at the Business Battlefield Final, Kilen 2018 Denmark, we will be a country with extremely competitive companies while still maintaining the human aspect with a lot of integrity and authenticity. [...] Not to mention, you [the Expert Partner] as a knowl- edge provider, will get qualified and great feedback on your meth- ods and abilities. Sign me up for another year, please.“ Christian Thygesen Business Battlefield Final, Kilen 2018

Business Battlefield Final, Kilen 2018

19 A SPECIAL THANKS TO ALL OF OUR PARTNERS, FUNDS AND PRODUCT SPONSORS

RESOURCE & MENTOR PARTNER MENTOR PARTNER

EXPERT PARTNERS

FUNDS

PRODUCT SPONSORS

20 CBS CASE COMPETITION GOVERNANCE

Our organization has a two-tier management structure BOARD OF DIRECTORS consisting of the Board of Directors, elected by the alum- The Board of Directors consists of five members and one ni network, and two Steering Committees. The Board of alternate, all of whom are elected by the alumni network Directors supervises the performance of the organiza- at the Annual General Meeting. The guiding principle tion and ensures long term relations and strategies. The in putting together the Board is that it should consist of Steering Committees, in turn, have responsibility for the individuals whose particular knowledge and experience development and execution of the competitions within their enables the Board as a whole to attend to the interests of respective year. our organization and stakeholders.

The entire organization is accountable to the alumni The main responsibilities of the Board are to co-develop, network, which is comprised solely of former members of review and approve the organization’s strategic and finan- the Organizing Committee of CBS Case Competition and cial plans and monitor the organization’s performance Business Battlefield. We uphold a clear distinction between according to these. governance, which lies with the General Meeting and the Board, and execution, which lies with the Steering- and STEERING COMMITTEES Organizing Committees. The Board of Directors formally appoints the new Steer- ing Committees of CBS Case Competition and Business OUR ALUMNI NETWORK Battlefield based on recommendations from the outgo- Upon finalising a year of dedicated work, the Organizing ing Steering Committees. The Steering Committees are Committee members of both CBS Case Competition and responsible for, amongst several other tasks, the arrange- Business Battlefield automatically become a part of our ment and execution of the annual competition, recruitment alumni network. Thus, after 17 years of creating lifetime and management of organizing committees, budgeting experiences, our alumni network now consists of nearly and funding, determination and implementation of strategy, 500 members, who are connected through their shared and ensuring timely reporting and provision of information engagement in our organizations. Each year, members of to the Board of Directors. our alumni network meet at social as well as professional events with the purpose of creating and strengthening rela- tionships across Organizing Committee generations.

ALUMNI BOARD OF STEERING ORGANIZING DIRECTORS COMMITTEES COMMITTEES

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

21 MANAGEMENT'S STATEMENT

Today, the Steering Committees, Finance Committee In our opinion, the Management’s Review includes a true and Board of Directors have considered and adopted the and fair view of the matters addressed in the Review. Annual Report of the Association CCC for the financial year 1 April 2018 – 31 March 2019. The Annual Report is prepared We recommend that the Annual Report be adopted at the in accordance with the Danish Financial Statements Act, the Annual General Meeting. bylaws and the accounting policies.

In our opinion, the Financial Statements give a true and fair view of the financial position at 31 March 2019 of the Association and of the results of the Association’s operations for 2018/19.

Frederiksberg, 9 May 2019

Maja Nyvold Katja Grothe-Eberhardt Chair of the Board 2nd Chair of the Board

Line Hansen Theis Malmborg Board Member Board Member

Steffen Gabriel Brandenhoff Malthe Johansen Board Member Head of Finance

Kristoffer Lippert Jeppe Tranekær Nielsen Steering Committee, CBS Case Competition Steering Committee, CBS Case Competition

Kenneth Muldbak Rikke Birgitte Knudsen Steering Committee, Business Battlefield Steering Committee, Business Battelfield

22 INDEPENDENT AUDITOR’S REPORT

To the members of the Association Foreningen CCC. 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 2019, and of the results of the Association’s operations Management is responsible for the preparation of Financial for the financial year 1 April 2018 - 31 March 2019 in Statements that give a true and fair view in accordance with accordance 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 CCC for the financial year 1 April 2018 - 31 March 2019, material misstatement, whether due to fraud or error. which comprise income statement, balance sheet, statement of changes in equity and notes, including a In preparing the financial statements, Management is summary of significant accounting policies (“financial responsible for assessing the Association’s ability to 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’ Code whether the financial statements as a whole are free from of Ethics for Professional Accountants (IESBA Code) and material misstatement, whether due to fraud or error, the additional requirements applicable in Denmark, and we and to issue an auditor’s report that includes our opinion. have fulfilled our other ethical responsibilities in accordance Reasonable assurance is a high level of assurance, but is with these requirements. We believe that the audit not a guarantee that an audit conducted in accordance evidence we have obtained is sufficient and appropriate to with ISAs and the additional requirements applicable in provide a basis for our opinion. Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are STATEMENT ON MANAGEMENT’S REVIEW considered material if, individually or in the aggregate, they Management is responsible for Management’s Review. could reasonably be expected to influence the economic decisions of users taken on the basis of these financial Our opinion on the financial statements does not cover 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 • Obtain an understanding of internal control relevant requirements of the Danish Financial Statements Act. We

23 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, 9 May 2019 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab CVR No 33 77 12 31

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

24 INCOME

STATEMENT 2018/19 2017/18 Note DKK DKK Income, Partners 1 830.000 756.500 Income, Foundations 1 1.050.000 1.260.000

Gross Income 1.880.000 2.016.500

Travel expenses 1 -28.549 -29.918 Planning expenses 1 -150.655 -134.238 Entertainment expenses 1 -13.279 -5.340 Marketing expenses 1 -258.329 -327.953 Expenses attributable to finals' week 1 -1.115.645 -762.092 Alumni 1 -32.568 -6.759 Other expenses 1 -161.833 -172.872 Operating Expenses 1 -1.760.858 -1.439.172

Income regarding prior year 1 425 6.042 Expenses regarding prior year 1 -71.339 -6.058 Regarding prior year -70.914 -16

Depreciation 2, 3 -28.270 -71.917

Net profit/loss for the year 19.958 505.395

Allocation of net profit for the year Distributable Fund 19.958 505.395

25 BALANCE

SHEET 2018/19 2017/18 Note DKK DKK Assets Noncurrent assets Intangible assets IT 2 0 13.479

Total intangible assets 0 13.479

Tangible assets Equipment 3 15.836 30.628 Total tangible assets 15.836 30.628

Total noncurrent assets 15.836 44.107

Current assets

Receivables 941.867 762.799 Prepayments 789 0

Cash 1.035.947 1.235.474

Total current assets 1.978.604 1.998.273

Total assets 1.994.440 2.042.379

Equity and Liabilities Restricted funds 500.000 500.000 Distributable funds 1.380.330 1.360.372 Equity, 31 March 2019 1.880.330 1.860.372

Current liabilites Accounts payable 114.110 182.007

Current liabilities 114.110 182.007

Total liabilities 114.110 182.007

Total equity and liabilities 1.994.440 2.042.379

26 STATEMENT OF CHANGES IN EQUITY

Restricted Funds Distributable Funds Total DKK DKK DKK Equity at 1 April 2018 500.000 1.360.372 1.860.372

Net profit/loss for the year 19.958 19.958

Equity at 31 March 2019 500.000 1.380.330 1.880.330

27 NOTES

1 Detailed income statement Consolidated CCC BB18 BB19 Board and Alumni

2018/2019 01/04/18- 01/04/18- 01/01/19- 01/04/18- DKK 31/03/19 31/12/18 31/03/19 31/03/19 DKK DKK DKK DKK Income, Partners 830.000 695.000 135.000 0 0 Income, Foundations 1.050.000 850.000 200.000 0 0

Gross Income 1.880.000 1.545.000 335.000 0 0

Travel expenses -28.549 -26.942 -1.607 0 0 Planning expenses -150.655 -121.657 -15.190 -873 -12.935 Entertainment expenses -13.279 -6.653 -6.627 0 0 Marketing expenses -258.329 -159.145 -99.184 0 0 Expenses attributable to finals' -1.115.645 -827.121 -288.523 0 0 week Alumni -32.568 0 0 0 -32.568 Other expenses -161.833 -109.312 -10.028 -1.043 -41.451 Operating Expenses -1.760.858 -1.250.831 -421.158 -1.916 -86.953

Income regarding prior year 425 425 0 0 0 Expenses regarding prior year -71.339 -70.929 0 0 -410 Regarding prior year -70.914 -70.504 0 0 -410

Depreciation -28.270 -28.270 0 0 0

Net profit/loss for the year 19.958 195.395 -86.158 -1.916 -87.363

Allocation of net profit for the year Distributable Funds 19.958 195.395 -86.158 -1.916 -87.363

28 NOTES

2 Intangible Assets IT DKK Cost at 1 April 2018 204.500 Cost at 31 March 2019 204.500

Depreciation at 1 April 2018 -191.021 Additions for the year 0 Depreciation at 31 March 2019 -13.479

Carrying amount at 31 March 2019 0

3 Tangible Assets Equipment DKK Cost at 1 April 2018 44.374 Addition for the year 0 Cost at 31 March 2019 44.374

Depreciation at 1 April 2018 -13.746 Addition for the year 0 Depreciation at 31 March 2019 -14.791

Carrying amount at 31 March 2019 15.836

29 SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PREPARATION The Annual Report of Foreningen of CCC has been IT prepared in accordance with the bylaws and the Danish IT is measured at cost less accumulated depreciation and Financial Statements Act applying to enterprises of less any impairment losses. reporting class A conformed to the special condition of the Association and its rules. The accounting policies applied Cost comprises the cost of acquisition and expenses remain unchanged from last year. directly related to the acquisition up until the time when the asset is ready to use. In the case of assets of own The Annual Report for 2018/2019 is presented in DKK. construction, cost comprises direct and indirect expenses for labour, materials, components and sub-suppliers. RECOGNITION AND MEASUREMENT Revenue is recognized in the income statement as earned. Depreciation based on cost reduced by any residual value Moreover, all expenses incurred to achieve the earnings is calculated on a straight-line basis over either five or for the year are recognized in the income statement. three fiscal years, depending on the useful life of the asset.

Assets are recognized in the balance sheet when it is EQUIPMENT probable that future economic benefits will flow to the Equipment is measured at cost less accumulated Association, and the value of the asset can be measured depreciation and less any impairment losses. reliably. Cost comprises the cost of acquisition and expenses Liabilities are recognized in the balance sheet when it is directly related to the acquisition up until the time when probable that future economic benefits will flow out of the the asset is ready to use. In the case of assets of own Association, and the value of the liability can be measured construction, cost comprises direct and indirect expenses reliably. for labour, materials, components and sub-suppliers.

INCOME STATEMENT Depreciation based on cost reduced by any residual value Income is calculated on a straight-line basis over three fiscal years. Revenue encompass both Partners and foundations and are recognized in the Income Statement when the debtor PREPAYMENTS has confirmed its willingness to support the CBS Case Prepayments comprise prepaid expenses concerning Competition and/or Business Battlefield for the current insurance premiums. accounting year. LIABILITIES Operating Costs Equity Operating costs comprise costs incurred to convene the Equity comprises restricted and distributable funds which CBS Case Competition and Business Battlefield. are the retained earnings generated by the continuous operations. BALANCE SHEET Debt ASSETS Debt is measured at amortised cost, which in all material Receivables aspects corresponds to nominal values for short, non- Receivables are measured in the balance sheet at the interest-bearing debt. lower of amortised cost and net realizable value, which corresponds to nominal value less provisions for bad debts.

Provisions for bad debts are determined on the basis of an individual assessment of each receivable.

30