• An examination of the common sized Income Statements for the most recent two (2) years/periods. Observations should be made as it relates to three (3) major expenses and their impact on the firms profitability.

Carlsberg AS (CARLB DC) - Adjusted
In Millions of USD except Per Share	FY 2019	FY 2020
12 Months Ending	12/31/2019	12/31/2020
Revenue	9,881.5	8,966.8
+ Sales & Services Revenue	9,881.5	8,966.8
- Cost of Revenue	4,943.3	4,605.7
+ Cost of Goods & Services	4,547.9	4,191.6
+ Depreciation & Amortization	395.4	414.2
Gross Profit	4,938.2	4,361.1
+ Other Operating Income	0.0	0.0
- Operating Expenses	3,410.7	2,934.3
+ Selling, General & Admin	3,096.9	2,626.0
+ Selling & Marketing	2,451.6	2,152.5
+ General & Administrative	645.4	473.5
+ Research & Development	19.9	18.8
+ Depreciation & Amortization	285.6	257.6
+ Other Operating Expense	8.2	31.9
Operating Income (Loss)	1,527.5	1,426.8
- Non-Operating (Income) Loss	69.0	14.7
+ Interest Expense, Net	59.4	63.6
+ Interest Expense	79.6	76.0
- Interest Income	20.2	12.4
Pretax Income (Loss), Adjusted	1,458.5	1,412.1
Pretax Income (Loss), GAAP	1,533.6	1,384.8
- Income Tax Expense (Benefit)	412.5	342.0
+ Current Income Tax	322.5	316.1
+ Deferred Income Tax	90.0	25.9
Income (Loss) from Cont Ops	1,121.1	1,042.8
Income (Loss) Incl. MI	1,121.1	1,042.8
Net Income, GAAP	985.0	923.6
Net Income Avail to Common, GAAP	985.0	923.6
Net Income Avail to Common, Adj	926.2	945.2