11.

Assets and liabilities of business held for sale

On July 28, 2011, the Company committed to sell First Tula Distillery (“Tula”), a production plant in Russia. As part of the ongoing restructuring process in Russia, in order to optimize the efficiency of the Russian segment of the Company’s operations, the Company decided to shut down Tula’s operations. Starting in August 2011, all production activity was suspended and all of the employees were terminated. In 2011, the Company recognized a 221.6 million Russian rubles (approximately $7.4 million) loss, related to the classifications of the assets at the lower of carrying amount or estimated fair value less costs to sell. In the consolidated balance sheet as of December 31, 2011, the fixed assets of Tula of $0.7 million were presented separately as assets held for sale.

The Company was unsuccessful in looking for a buyer of Tula’s assets. The Company’s management expects no future benefits from this assets and as a result the impairment loss was recognized in the amount of 21.7 million Russian rubles ($0.7 million). The value of the assets in the consolidated balance sheet as of December 31, 2012 is $0 million.