Annual Report 2011

Financial review

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.