An examination of the common sized Balance Sheets for the most recent two (2) years/periods. Observations should be made as it relates to the two (2) major elements in each of the categories of assets, liabilities, and shareholders equity

Carlsberg AS (CARLB DC) - Standardized
In Millions of USD except Per Share	FY 2019	FY 2020
12 Months Ending	12/31/2019	12/31/2020
Total Assets
+ Cash, Cash Equivalents & STI	784.7	1,329.5
+ Cash & Cash Equivalents	784.7	1,329.5
+ Accounts & Notes Receiv	802.3	611.9
+ Accounts Receivable, Net	802.3	611.9
+ Notes Receivable, Net	0.0	0.0
+ Inventories	714.0	757.8
Total Current Assets	2,697.2	3,120.7
+ Property, Plant & Equip, Net	4,148.7	4,320.4
+ Property, Plant & Equip	9,818.0	10,402.5
Total Noncurrent Assets	15,796.3	16,398.6
Total Assets	18,493.5	19,519.3
Liabilities & Shareholders' Equity
+ Payables & Accruals	2,727.2	2,878.7
+ Accounts Payable	2,577.1	2,726.8
Total Current Liabilities	5,005.9	4,673.7
+ LT Debt	3,137.6	4,812.0
+ Other LT Liabilities	3,432.2	2,910.1
Total Noncurrent Liabilities	6,569.8	7,722.1
Total Liabilities	11,575.6	12,395.7
Equity Before Minority Interest	6,529.4	6,457.6
Total Equity	6,917.8	7,123.6
Total Liabilities & Equity	18,493.5	19,519.3