As the chief operating decision maker, the Management Board reviews external revenues and adjusted profit from operations to evaluate segment performance and allocate resources. Interest income, interest expense and taxation are centrally managed and accordingly such items are not presented by segment as they are excluded from the measure of segment profitability.

As part of the plans to reduce complexity and drive efficiency in management structures and achieve a better balance in the scale of our regions, it was decided to reduce the management structure from five regions to four regions from 1 January 2011. Markets which comprised the Eastern Europe region were merged into the Africa and Middle East region and the Western Europe region. Russia, Ukraine, Moldova, Belarus, Caucasus and Central Asia form part of the new Eastern Europe, Middle East and Africa region (EEMEA), while Romania, Bulgaria, Serbia, Montenegro, Albania and Kosovo have become part of the Western Europe region. The comparatives have been restated according to the new management structure.

The four geographic regions are the reportable segments for the Group as they form the focus of the Group’s internal reporting systems and are the basis used by the Management Board for assessing performance and allocating resources.

The Management Board reviews current and prior year segmental revenue, adjusted profit from operations of subsidiaries and adjusted post-tax results of associates and joint ventures at constant rates of exchange. The constant rate comparison provided for reporting segment information is based on a retranslation, at prior year exchange rates, of the current year results of the Group’s overseas entities but, other than in exceptional circumstances, does not adjust for transactional gains and losses in operations which are generated by movements in exchange rates. As a result, the 2011 segmental results were translated using the 2010 rates of exchange. The 2010 figures are also stated at the 2010 rates of exchange.

The analyses of revenue for the 12 months to 31 December 2011 and 31 December 2010, based on location of sales, are as follows:

The analyses of profit from operations and the Group's share of the post-tax results of associates and joint ventures, reconciled to profit before taxation,
are as follows:

*The adjustments to profit from operations and the Group's share of the post-tax results of associates and joint ventures are explained in notes 3(e) to 3(h) and in note 5, respectively.

**The Fox River provision made in 2011 (see note 3(h)) has not been allocated to a segment or segments as it relates to a 1998 settlement agreement. It is presented separately from the segmental reporting which is used to evaluate segment performance and to allocate resources.

Adjusted profit from operations at constant rates of £5,486 million (2010: £4,984 million) excludes certain impairment of intangibles and property, plant and equipment, as well as amortisation of trademarks. These are treated as adjusting items as explained in notes 3(b) and 3(e) to 3(g) and are excluded from segmental profit from operations at constant rates as follows:

External revenue and non-current assets other than financial instruments, deferred tax assets and retirement benefit assets are analysed between the UK and all foreign countries at current rates of exchange as follows:

Included in the external revenue from foreign countries is £1,732 million (2010: £1,696 million) attributable to Brazil, being the only subsidiary contributing more than 10 per cent of the Group's external revenue in 2011 and 2010. The main acquisitions comprising the goodwill balance of £11,120 million (2010: £11,656 million) in intangible assets are provided in note 9. Included in investments in associates and joint ventures are amounts of £1,831 million (2010: £1,872 million) attributable to the investment in Reynolds American and £735 million (2010: £747 million) attributable to the investment in ITC. Further information can be found in note 11.