Where we are located
Our principal associates are located in India and the US.
Associates principally comprise Reynolds American and ITC.
The Group's share of the post-tax results of associates, excluding the adjusting items explained in Adjusting items found within the Financial review section, increased by 15 per cent to £622 million, with a rise of 11 per cent at constant rates of exchange.
The contribution from Reynolds American increased by 5 per cent to £346 million. Excluding the impairment and amortisation of trademarks and restructuring costs, as well as the past service credit for a health plan in 2009 and the Canadian settlement in 2010, the contribution was 5 per cent higher at £409 million. At constant rates of exchange the increase was 4 per cent.
The Group's associate in India, ITC, continued its strong profit growth, and its contribution to the Group rose by 35 per cent to £195 million. Excluding the impact of the dilution in the Group's shareholding, the contribution was 42 per cent higher at £204 million. At constant rates of exchange, the contribution would have been 33 per cent higher than last year.