The return of the Jedi
Worse still, western European markets represent 70 percent of Carlsberg’s sales and 60 percent of profits. 30 percent of its profits Carlsberg realises in eastern Europe and 10 percent in Asia. Therefore the continuing downward trend of Carlsberg’s EBITA from DKK 3.8 billion in 2002 to DKK 3.4 billion (EUR 456 million) last year must have worried management and investors alike - albeit for different reasons. It’s only thanks to its protective ownership structure that Carlsberg has never been considered a serious takeover candidate.
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