Financial review
Changes in the Group
- 2011 financial highlights
- Profit from operations
- Organic growth
- Operating margin
- Adjusting items
- Net finance costs
- Associates
- Profit before tax
- Effective tax rate
- Earnings per share
- Dividends
- Treasury operations
- Liquidity
- Capital structure
- Cash flow
- Net debt
- Retirement benefit schemes
- Changes in the Group
- Share buy-back programme
- Non-GAAP measures
- Accounting developments
- Foreign currencies
- Going concern
Changes in the Group
On 11 October 2011, the Group completed the transaction to acquire 100 per cent of the privately owned Productora Tabacalera de Colombia, S.A.S. (Protabaco), for US$461 million. The business has been integrated with the existing British American Tobacco business and from 1 January 2012, it is operating as one business.
In 2010, the Group sold its Belgium distribution business, Lyfra NV; withdrew from distributing phone cards in Brazil; and its Gauloises licence agreement applicable to Germany was terminated.
The Group also terminated an arrangement whereby it distributed product on behalf of a third party in Norway, effective from 1 July 2011.