A number of transactions impacted revenue and operating profit in 2011 and 2010. The impact of these are removed in order to calculate organic growth.

For 2011, revenue growth was slightly enhanced by the acquisition of Productora Tabacalera de Colombia, S.A.S. (Protabaco), which was completed on 11 October. The Group’s organic revenue growth was also affected by the sale of its Belgium distribution business, Lyfra NV; its withdrawal from distributing phone cards in Brazil and products in Norway and the termination of the Gauloises licence agreement applicable to Germany. Adjusting for these items, organic revenue would have been up 7 per cent to £15,453 million at constant rates of exchange. On the same basis, adjusted profit from operations grew organically by 10 per cent to £5,487 million.