• Carlsberg AS average return on tangible equity for 2015 was -3.55, a 86.14% decline from 2014.
• Carlsberg AS average return on tangible equity for 2014 was -25.61, a 11.75% decline from 2013.
• Carlsberg AS average return on tangible equity for 2013 was -29.02, a 12.96% decline from 2012.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.