Carlsberg

With Europe making up more than 90% of Carlsberg's (the world's fourth largest beer company by annual sales) annual sales in its last financial year to December 2009, it has found itself particularly exposed to the global financial crisis' effect on consumer spending throughout Europe. Reliant on Northern and Western Europe for the majority of its revenues and Eastern Europe for most of its operating income (see first chart), Carlsberg has not been able to lean on relative regional outperformers like Asia (its exposure to Asia is still very limited), Africa and Latin America like SABMiller and AB InBev have.

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