ANNUAL REPORT 2019 IT UNIVERSITY OF COPENHAGEN CONTENT UNIVERSITY DETAILS . 3 UNIVERSITY DETAILS . 4 EXECUTIVE MANAGEMENT, AUDITORS, ATTORNEYS AND BANK . 5 MANAGEMENT STATEMENTS AND INDEPENDENT AUDITORS REPORT . 6 STATEMENT BY THE BOARD OF DIRECTORS AND THE EXECUTIVE MANAGEMENT . 7 INDEPENDENT AUDITORS´ REPORT . 8 OPERATING REVIEW . 10 PRESENTATION . 11 STRATEGY . 12 WORK OF THE BOARD OF DIRECTORS . 14 STRATEGIC FRAMEWORK CONTRACT . 15 FINANCIAL RESULTS FOR THE YEAR . 16 ACADEMIC PERFORMANCE FOR THE YEAR . 17 OUTLOOK FOR THE COMING YEAR . 22 FINANCIAL STATEMENTS . 23 APPLIED ACCOUNTING POLICIES . 24 INCOME STATEMENT 1 JANUARY – 31 DECEMBER . 28 BALANCE SHEET AT 31 DECEMBER . 29 CASH FLOW STATEMENT 1 JANUARY TO 31 DECEMBER . 30 NOTES TO THE FINANCIAL STATEMENTS . 31 KEY FINANCIAL FIGURES AND RATIOS . 39 REPORTING . 41 THE STRATEGIC FRAMEWORK CONTRACT FOR 2019 . 42 STRATEGIC TARGET 1 . 43 STRATEGIC TARGET 2 . 44 STRATEGIC TARGET 3 . 45 STRATEGIC TARGET 4 . 46 STRATEGIC TARGET 5 . 47 STRATEGIC TARGET 6 . 48 APPENDIXES . 49 APPENDIX 1 – MANAGEMENT STRUCTURE OF THE IT UNIVERSITY 31 DECEMBER . 50 APPENDIX 2 – MEMBERS OF THE EMPLOYERS´ PANELS OF THE IT UNIVERSITY . 52 APPENDIX 3 – THE DATA PROTECTION OFFICER´S STATUS OVER 2019 . 54 2 IT University of Copenhagen Annual Report 2019 UNIVERSITY DETAILS University Details University Details Executive Management, Auditors, Attorneys and Bank UNIVERSITY DETAILS Organisation IT University of Copenhagen Rued Langgaards Vej 7 DK-2300 Copenhagen S Telephone +45 72 18 50 00 E-mail itu@itu .dk Website www .itu .dk CVR-no . 29 05 77 53 Registered office Copenhagen BOARD OF DIRECTORS Maria Rørbye Rønn Lars Mathiesen Lars Frelle-Petersen Karina Garnier Christensen Chairman of the Board of Directors, Director Deputy Chairman of the Board of Directors, Director, Confederation of Danish Industry, Academic Advisor, General of Radio Denmark, CEO, born 1964 . Director, Frost Management, born 1956 . born 1970 . IT University of Copenhagen, born 1973 . Deputy Chairman of the Board of Directors of Associated Director, Deloitte . Chairman of the Board of Directors of the Ritzaus Bureau A/S . Member of the Board of Directors of Signicat A/S . Association Roskilde Festival and Bygnings- og Member of Advisory Board Ordrupgaard . Member of the National IT Project Council, udviklingsfonden at the Danish Museum of Sebastian Mateos Nicolajsen the IT Project Council of the Municipality of Science and Technology . Bachelor of Science Student, Copenhagen, the IT Council of Danish Regions Member of the Board of Directors of IT University of Copenhagen, born 1998 . and the Expert Council of the Capital Region of DenmarkBridge, DIBD A/S, MADE, Copenhagen Joined the Board of Directors on 1 January 2020. Denmark . HealthTech and Copenhagen FinTech . Sophia Aumüller-Wagner Kristine Stenhuus Master of Science Student, David Basin Vice President, NNIT, born 1973 . IT University of Copenhagen, born 1989 . Dr ., Professor, ETH Zürich, born 1961 . Joined the Board of Directors on 1 January 2020. Mircea Lungu Associate Professor, IT University of Copenhagen, born 1980 . Joined the Board of Directors on 1 January 2020. 4 IT University of Copenhagen Annual Report 2019 University Details University Details Executive Management, Auditors, Attorneys and Bank EXECUTIVE MANAGEMENT, AUDITORS, ATTORNEYS AND BANK EXECUTIVE AUDITOR INSTITUTIONAL AUDITOR ATTORNEYS BANK MANAGEMENT Rigsrevisionen Ernst & Young Advokatpartnerselskabet Danske Bank A/S Martin Tvede Zachariasen (The Danish National Audit Office) Godkendt Revisionspartnerselskab Kirk Larsen & Ascanius Holmens Kanal 2-12 Dirch Passers Allé 36 Vice Chancellor Landgreven 4 Esbjerg Brygge 28 DK-1092 København K DK-1301 København K P O Box 250 DK-2000 Frederiksberg 6700 Esbjerg Jens Christian Godskesen Pro-rector Kammeradvokaten Advokatfirmaet Poul Schmith Vester Farimagsgade 23 Georg Dam Steffensen 1006 København V University Director Nørgaard Piening Advokater Strandgade 4 1401 København K Njord Advokatpartnerselskab Pilestræde 58 1112 København K Gangsted Advokatfirma Borgergade 24B 1300 København K 5 IT University of Copenhagen Annual Report 2019 MANAGEMENT STATEMENTS AND INDEPENDENT AUDITORS REPORT Management Statements and Independent Auditors Report Statement by the Board of Directors and the Executive Management Independent Auditors´ Report STATEMENT BY THE BOARD OF DIRECTORS AND THE EXECUTIVE MANAGEMENT Today the Board of Directors and the Executive Management have discussed and approved THE EXECUTIVE MANAGEMENT OF THE IT UNIVERSITY OF COPENHAGEN the Annual Report of the IT University of Copenhagen . The Annual Report has been prepared in accordance with Executive Order no . 870 of 26 August 2019 on Grants and Auditing Martin Tvede Zachariasen Jens Christian Godskesen Georg Dam Steffensen etc . of Universities . Vice Chancellor Pro-rector University Director It is hereby stated that: 1 . The Annual Report gives a true and fair view, i .e . the Annual Report does not contain any material misstatement or THE BOARD OF DIRECTORS OF THE IT UNIVERSITY OF COPENHAGEN omissions, including adequate presentation and reporting on the Strategic Framework Contract . 2 . The transactions comprised by the financial reporting are consistent with appropriations Maria Rørbye Rønn Lars Mathiesen David Basin granted legislation and other regulations Chairman, External member Deputy Chairman, External member External member as well as agreements entered into and general practice . 3 . Business procedures have been established that ensure financially appropriate administration of the funds comprised by Lars Frelle-Petersen Kristine Stenhuus Mircea Lungu the Annual Report . External member External member Staff-elected member Copenhagen, 1 April 2020 Karina Garnier Christensen Sophia Aumüller-Wagner Sebastian Mateos Nicolajsen Staff-elected member Student-elected member Student-elected member 7 IT University of Copenhagen Annual Report 2019 Management Statements and Independent Auditors Report Statement by the Board of Directors and the Executive Management Independent Auditors´ Report INDEPENDENT AUDITORS´ REPORT TO THE BOARD OF DIRECTORS OF THE IT UNIVERSITY OF COPENHAGEN Opinion Independence Auditor’s responsibilities for the audit is higher than for one resulting from error, We have audited the financial statements We are independent of the University in of the financial statements as fraud may involve collusion, forgery, of the IT University of Copenhagen for the accordance with the International Ethics Our objectives are to obtain reasonable intentional omissions, misrepresentations or financial year 1 January - 31 December Standards Board for Accountants’ Code of assurance as to whether the financial the override of internal control . 2019, which comprise accounting policies, Ethics for Professional Accountants (IESBA statements as a whole are free from material income statement, balance sheet, cash Code) and additional requirements applicable misstatement, whether due to fraud or error, • Obtain an understanding of internal control flow statement and notes, including in Denmark, and we have fulfilled our other and to issue an auditor’s report that includes relevant to the audit in order to design supplementary information . The financial ethical responsibilities in accordance with our opinion . Reasonable assurance is a high audit procedures that are appropriate in the statements are prepared in accordance with these rules and requirements . level of assurance, but is not a guarantee that circumstances, but not for the purpose of the Danish State’s accounting rules and an audit conducted in accordance with ISAs expressing an opinion on the effectiveness ministerial order no . 870 of 26 August 2019 Management’s responsibilities for the and additional requirements applicable in of the University’s internal control . on funding and auditing, etc ., of universities financial statements Denmark as well as public auditing standards, (the Danish State’s accounting rules) . Management is responsible for the preparation cf . the Danish State’s accounting rules, • Evaluate the appropriateness of accounting of financial statements that are, in all material will always detect a material misstatement policies used and the reasonableness In our opinion, the financial statements are, respects, correct, i .e . prepared in accordance when it exists . Misstatements can arise from of accounting estimates and related in all material respects, correct, i .e . prepared with the Danish State’s accounting rules . fraud or error and are considered material if, disclosures made by Management . in accordance with the Danish State’s Management is also responsible for such individually or in the aggregate, they could accounting rules . internal control that Management determines reasonably be expected to influence the • Conclude on the appropriateness of is necessary to enable the preparation of economic decisions of users taken on the basis Management’s use of the going concern Basis for opinion financial statements that are free from of the financial statements . basis of accounting in preparing the We conducted our audit in accordance with material misstatement, whether due to fraud financial statements and, based on the International Standards on Auditing (ISAs) or error . As part of an audit conducted in accordance audit evidence obtained, whether a material and additional requirements applicable in with ISAs and additional requirements uncertainty exists related to events or Denmark as well as public auditing