Virksomhedsøkonomi B

Business Economics B

Ny ordning

New guidelines

Friday, 29 May 2020
9 a.m. - 1 p.m.


This material consists of four assignments. Each assignment has a number of questions which have all been given an approximate weighting. The weightings are used in the overall exam assessment.

All the assignments must be completed independently of each other. The assignments come with an accompanying Excel file, which has a number of appendices containing data and sheets. In addition, there is a Word document containing all the questions.


The Word document with all the questions can be downloaded here.

The Excel file with all the appendices can be downloaded here.


Save the files on your computer before you start to use them. Name the files with your own name. In the Word document, you must also complete the fields in the header.

Communication with anyone else during the exam is not permitted.

Assignment 1

Company analysis

Stryhns A/S is a Danish food producer based in Roskilde on Zealand.

The company dates back to 1941, when Henrik Stryhn started producing liver pâté. In the 1950s, production was modernised, and a proper liver pâté factory was established. In 2008, Stryhns A/S was acquired by the Norwegian family-owned company Agra. Later, Stryhns A/S was merged with Graasten Salater, and continued under the name Stryhns A/S. The Agra Group operates food production in Denmark, Norway, Sweden and Poland.

Stryhns A/S has bought several companies over the years. In 2017, for example, it acquired K-Salat A/S, which increased the number of employees by 100. Today, Stryhns A/S produces and markets a number of brands: Stryhns’ Leverpostej, Jensens Køkken, Graasten Salater, K-Salat and Langelænder Pølser. Stryhns A/S’s products have traditionally been known for their high quality, and have been known and cherished by Danes for generations. Production takes place at five factories, which are located in Graasten in southern Jutland, in Havnsø on western Zealand, in Lystrup on the outskirts of Aarhus, near Roskilde on Zealand and on the island of Langeland.

The company’s customers are divided into two main groups. The first group is the retail sector, comprising Coop, Salling Group, Rema 1000, Fleggaard and etc., while the second group is the restaurant and catering sector, comprising restaurants, canteens, hotels, service stations etc. Stryhns A/S’s products are primarily marketed on the Danish market, but the company also has customers in other European countries.

The company’s CEO is Kristian Kornerup Jensen. In June 2019, he told the financial newspaper Børsen that he would not discount the possibility of making more acquisitions in future if the opportunity was right. He also said: “We are in a market with lots of opportunities, but our primary ambition is profitable growth.”

The company’s vision:
“We have a vision of being the most successful food and branded products group in Denmark. By focusing on trends in the food industry and based on an ambitious plan we want to constantly develop our business and in so doing strengthen our brands and market positions. Our focus is on creating sustainable production and taking social responsibility, so that our company is a workplace where employees thrive, develop, are motivated and are proud of working.”

Today, Stryhns A/S employs about 360 people. In the 2018 financial year, the company posted revenue of DKK 924.5 million, while the profit before tax was DKK 46.6 million.

This assignment comes with the following material:

Articles: Internal material: Key figures:
  • Prepared accounting and key figures for Stryhns A/S for the years 2016 to 2018. See Appendix 1 of the Excel file.

Questions 1.1 - 1.6

1.1 (10%)
Based on the accompanying material, explain which factors have had an impact on Stryhns A/S’s financial development.

1.2 (15%)
Analyse how these factors influenced the development in the index figures for earnings and asset use efficiency from 2016 to 2018. See question 1.1

The key figures can be found in Appendix 1 of the Excel file.

1.3 (10%)
Assess how the development in the index figures affected the profit margin ratio and the asset turnover ratio from 2016 to 2018.

The key figures can be found in Appendix 1 of the Excel file.

1.4 (5%)
Explain why the return on equity fell from 30.1% in 2017 to 26.7% in 2018.

The key figures can be found in Appendix 1 of the Excel file.

1.5 (5%)
Assess which growth strategies are being pursued by Stryhns A/S.

1.6 (5%)
Discuss whether it is advantageous for Stryhns A/S to continuously reduce the climate and environmental impacts of its activities.

Assignment 2

Business plan and liquidity budget

Nicklas Tørring is a 23-year-old swimmer who has been swimming competitively for many years. He is thinking about setting up his own business, an online store selling swimming gear to elite swimmers as well as gear to ordinary swimmers and children.

Nicklas Tørring completed his secondary education, but then concentrated on his swimming career. As a result, he has not saved up a lot. Therefore, in order to be able to set up a business, he needs an operating loan from a bank. Nicklas Tørring is well aware that he is unable to borrow from the bank just like that. Therefore, he has started drawing up a business plan for the business he has in mind:

Nicklas Tørring has already drawn up an expected budgeted income statement for’s first year of operation. However, he still needs to prepare the liquidity budget and the rest of the business plan.

Questions 2.1 - 2.3

2.1 (5%)
Explain which benefits Nicklas Tørring can achieve by preparing a business plan for

2.2 (5%)
Prepare a liquidity budget for the second half of 2020 and the first half of 2021 for

The information you need can be found in Appendix 2 of the Excel file.
You will find a sheet which can be used for the liquidity budget in Appendix 2.

2.3 (5%)
Assess how large an operating loan Nicklas Tørring will need from the bank for to have sufficient liquidity in its first year of operation.

Assignment 3

Costs and earnings

Metcon A/S is a provider of IT services, for example IT problem-solving and hardware repairs. The company was established 10 years ago, and is owned by Mads Mikkelsen. As the company is a service company, it does not have that many fixed assets. Metcon A/S rents space in an office building where it can rent the number of square metres it needs. The company’s tangible assets therefore primarily comprise furniture and IT equipment.

To minimise its capital needs, Metcon A/S has bought older and second-hand furniture etc. However, the company has problems attracting younger employees, and Mads Mikkelsen is therefore considering replacing all the furniture to freshen up and modernise the premises. Mads Mikkelsen has visited the office equipment supplier 8CDesign, and received a quotation for all the new furniture totalling DKK 375,000. He expects the furniture to have a lifespan of five years, after which it will need replacing. Mads Mikkelsen expects to be able to sell the furniture for DKK 60,000 once the five-year period is up. Metcon A/S uses the straight-line method of depreciation for furniture.

Metcon A/S’s liquidity is good, and so the furniture can be paid for out of the company’s bank account. The furniture will lose value with time, and Mads Mikkelsen therefore needs to calculate the annual depreciation to assess how the acquisition will affect Metcon A/S’s future earnings.

Questions 3.1 - 3.3

3.1 (5%)
Explain whether the annual depreciation is a variable cost or a capacity cost.

3.2 (5%)
Calculate the annual depreciation and the value of the furniture at the end of each of the five years.

The information you need can be found in Appendix 3 of the Excel file.
A sheet for the depreciation plan can be found in Appendix 3.

3.3 (5%)
Discuss how the acquisition of new furniture will affect Metcon A/S’s earnings over the next five years.

Assignment 4


Pure Organic ApS sells organic cotton womenswear. The company has several shops on Funen, and also sells the womenswear from its own online store. There are 40 full-time employees, and the company is owned by Birthe Jacobsen.

So far, Birthe Jacobsen has done the company’s bookkeeping, and compiled the necessary financial reporting. However, she has just taken on a financial assistant, as the level of financial management has become too much for her.

Birthe Jacobsen is preparing the financial statements for 2019. She has printed out the trial balance, which can be found in Appendix 4 of the Excel file. She has also already calculated the net profit for the year for 2019 as being DKK 7.897 million. The new financial assistant must now finish the financial statements so they can be checked by Pure Organic ApS’s accountants.

Questions 4.1 - 4.3

4.1 (5%)
Explain how the balance of DKK 86.732 million for account 1100: Sale of goods has been calculated.

The trial balance can be found in Appendix 4 of the Excel file.

4.2 (10%)
Prepare the balance sheet for Pure Organic ApS as at 31 December 2019. It is not necessary to prepare notes.

The trial balance can be found in Appendix 4 of the Excel file.
A sheet for the balance sheet can be found in Appendix 5 of the Excel file.

4.3 (5%)
Assess which accounting class Pure Organic ApS belongs to.