Carlsberg

From Year 1996 to Year 2007

Carlsberg					Period (Yrs)	11
	Dec-96		Dec-07		Change	CAGR
	millions		millions
Equity	329.65		471.38		42.99%	3.30%
LT Assets	169.87		171.92		1.21%	0.11%
C. Assets	320		418.61		30.82%	2.47%
LT Liabilities	12.03		19.65		63.34%	4.56%
C. Liabilities	148.19		99.5		-32.86%	-3.56%
Sales	672.24		897.53		33.51%	2.66%
Earnings	91.69		78.49		-14.40%	-1.40%
Interest exp.	0		0		#DIV/0!	#DIV/0!
Market cap	1271.6		1259.680		-0.94%	-0.09%
D/E ratio	0		0.000		#DIV/0!
ROE	27.81%		16.65%		-40.13%
P/E	13.87		16.05
P/BV	3.86		2.67
Dividends
DPO ratio	98.62%
DY range	HIGH		LOW
	6.50%		5.50%

From Year 2007 to Year 2011

Carlsberg					Period (Yrs)	4
	Dec-07		Dec-11		Change	CAGR
	millions		millions
Equity	471.38		627.13		33.04%	7.40%
LT Assets	171.92		591.32		243.95%	36.18%
C. Assets	418.61		365.84		-12.61%	-3.31%
LT Liabilities	19.65		76		286.77%	40.24%
C. Liabilities	99.5		250.11		151.37%	25.91%
Sales	897.53		1489.36		65.94%	13.50%
Earnings	78.49		166.16		111.70%	20.62%
Interest exp.	0		4.39		#DIV/0!	#DIV/0!
Market cap	1259.680		3283.730		160.68%	27.07%
D/E ratio	0.000		0.040		#DIV/0!
ROE	16.65%		26.50%		59.12%
P/E	16.05		19.76
P/BV	2.67		5.24
Dividends
DPO ratio	90.00%
DY range	HIGH		LOW
	5.60%		4.00%

Income Statement

Year	Revenue		Earnings		Net Margin		Interest Exp
2011	1489.36		166.16		11.2%		4.3
2010	1368.16		133.24		9.7%		4.59
2009	1045.48		76.14		7.3%		0.88
2008	960.21		76.15		7.9%		0
2007	897.53		78.49		8.7%		0
2006	929.74		85.9		9.2%		0
2005	867.23		88.68		10.2%		0