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Consolidated Financial Statements and Independent Auditor's Report Consolidated Financial Statements and Independent Auditor's Report “Hayastan” All Armenian Fund December 31, 2011 “Hayastan” All Armenian Fund Consolidated financial statements December 31, 2011 Contents Page Independent auditor’s report 1 Consolidated statement of financial position 3 Consolidated statement of comprehensive income 4 Consolidated statement of changes in net assets 5 Consolidated statement of cash flows 6 Notes to the consolidated financial statements 8 “Hayastan” All Armenian Fund Consolidated financial statements December 31, 2011 “Hayastan” All Armenian Fund Members of the Board of Trustees as of December 31, 2011 1. Serzh Sargsyan RA President, President of the Board of Trustees 2. Robert Kocharyan RA Ex-president 3. Gagik Harutiunyan Chairman of RA Constitutional Court, Vice President of the Board of Trustees 4. Bako Sahakyan NKR President 5. Arkadi Ghukassyan NKR Ex-president, Vice President of the Board of Trustees 6. Samvel Nikoyan Speaker of RA National Assembly 7. Tigran Sargsyan RA Prime Minister 8. Arayik Harutyunyan NKR Prime Minister 9. Eduard Nalbandyan RA Minister of Foreign Affairs 10. Vache Gabrielyan RA Minister of Finance 11. Hranush Hakobyan RA Minister of Diaspora 12. Arthur Djavadyan Chairman of RA Central Bank 13. H.H. Garegin II Catholicos of All Armenians 14. H.H. Aram I Catholicos of the Great House of Cilicia 15. Nerses Petros XIX Tarmouni Catholicos Patriarch of the Armenian Catholic Church 16. Very Rev. Rene Levonian Representative of the Armenian Evangelical Church 17. Mike Kharapian Representative of the Armenian Ramgavar Azadagan Party 18. Vagharsh Ehramdjian Representative of the Armenian Revolutionary Federation 19. Ara Boyajian Representative of the S.D. Hunchakian Party 20. Hirair Hovnanian President of the Armenian Assembly of America, 21. Berge Setrakian President of the Armenian General Benevolent Union 22. Hasmik Terterian Representative of the Armenian Relief Society 23. Arsen Ghazaryan President of the Union of Manufacturers and Businessmen (Employers) of Armenia 24. Charles Aznavour France 25. Albert Boyajian United States of America 26. Vartan Gregorian United States of America 27. Eduardo Eurnekian Argentina 28. Bedros Terzian France 29. Dikran Izmirlian Switzerland 30. Samvel Karapetyan Russia 31. Mark Geragos United States of America 32. Kabriel Ghenberdji Syria 33. Vatche Manoukian Great Britain 34. Albert Boghossian Switzerland 35. Diruhi Burmayan Brazil 36. Eduardo Seferian Argentina Control committee 37. Vahe Jazmadarian France 38. Gagik Khachatryan Chairman of State Revenues Committee Independent auditor’s report ¶ñ³Ýà ÂáñÝÃáÝ ö´À ÐÐ, ù. ºñ»õ³Ý 0012 ì³Õ³ñßÛ³Ý 8/1 Ð. + 374 10 260 964 ü.+ 374 10 260 961 Grant Thornton CJSC 8/1 Vagharshyan str. 0012 Yerevan, Armenia T + 374 10 260 964 F + 374 10 260 961 www.grantthornton.am To the Board of Trustees of “Hayastan” All Armenian Fund We have audited the accompanying consolidated financial statements of “Hayastan” All Armenian Fund (the “Fund”), which comprise the consolidated statement of financial position as of December 31, 2011, and the consolidated statement of comprehensive income, the consolidated statement of changes in net assets and the consolidated statement of cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information. Management’s Responsibility for the Consolidated Financial Statements Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement. ²áõ¹Çï, гñÏ»ñ, ÊáñÑñ¹³ïíáõÃÛáõÝ Audit, Tax, Advisory ¶ñ³Ýà ÂáñÝÃáÝ ÆÝûñÝ»ßÝÉÇ ³Ý¹³Ù Member of Grant Thornton International Ltd An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the consolidated financial statements give a true and fair view of the financial position of “Hayastan” All Armenian Fund as of December 31, 2011, and of its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards. April 20, 2012 Gagik Gyulbudaghyan Emil Vassilyan, FCCA Managing Partner Engagement Partner ²áõ¹Çï, гñÏ»ñ, ÊáñÑñ¹³ïíáõÃÛáõÝ Audit, Tax, Advisory ¶ñ³Ýà ÂáñÝÃáÝ ÆÝûñÝ»ßÝÉÇ ³Ý¹³Ù Member of Grant Thornton International Ltd “Hayastan” All Armenian Fund Consolidated financial statements December 31, 2011 3 Consolidated statement of financial position In thousand drams As of As of Note December 31, 2011 December 31, 2010 Assets Non-current assets Property and equipment 4 261,120 72,127 Intangible assets 538 825 Deferred income tax assets 5 2,348 7,812 264,006 80,764 Current assets Inventories 6 341,519 409,067 Receivables and advances 7 752,392 702,018 Current income tax assets - 6,383 Term deposits 8 595,304 187,105 Cash and bank balances 9 163,157 1,106,352 1,852,372 2,410,925 Non-current assets held for sale 10 - 263,950 Total assets 2,116,378 2,755,639 Liabilities and net assets Non-current liabilities Grants related to assets 11 3,384 6,012 3,384 6,012 Current liabilities Accounts payable 12 836,596 460,050 Current income tax liabilities 56,604 - Loans and borrowings 13 16,397 395 909,597 460,445 Net assets 1,203,397 2,289,182 Total liabilities and net assets 2,116,378 2,755,639 The consolidated financial statements were approved on April 2, 2012 by: Ara Vardanyan Ruzanna Aghayan Executive Director Financial Manager The consolidated statement of financial position is to be read in conjunction with the notes to and forming part of the consolidated financial statements set out on pages 8 to 37. “Hayastan” All Armenian Fund Consolidated financial statements December 31, 2011 4 Consolidated statement of comprehensive income In thousand drams Year ended Year ended December 31, December 31, Note 2011 2010 Income from operations 15 5,558,488 6,517,740 Other income 577,864 401,288 Operating expenses 16 (6,098,677) (5,499,793) Administrative expenses 17 (416,234) (413,196) Other expenses (272,130) (269,035) Profit/(loss) from operating activities (650,689) 737,004 Finance income 18 23,243 86,883 Finance expense 18 (2,487) (3,578) Other financial items 19 33,309 (122,476) Profit/(loss) before taxes (596,624) 697,833 Income tax expense 20 (80,453) (15,302) Profit/(loss) for the year (677,077) 682,531 Other comprehensive income Net decrease of operating financing (358,275) (1,121,992) Net decrease as a result of revaluation of property and equipment (50,433) - Total comprehensive loss for the year (1,085,785) (439,461) The consolidated statement of comprehensive income is to be read in conjunction with the notes to and forming part of the consolidated financial statements set out on pages 8 to 37. “Hayastan” All Armenian Fund Consolidated financial statements December 31, 2011 5 Consolidated statement of changes in net assets In thousand drams Financing for operations (refer to Revaluation Accumulated note 14) reserve loss Total as of January 1, 2010 4,040,422 114,675 (1,426,454) 2,728,643 Profit for the year - - 682,531 682,531 Other comprehensive loss for the year (1,121,992) - - (1,121,992) Total comprehensive income/(loss) for the year (1,121,992) - 682,531 (439,461) as of December 31, 2010 2,918,430 114,675 (743,923) 2,289,182 Loss for the year - - (677,077) (677,077) Other comprehensive loss for the year (358,275) (50,433) - (408,708) Total comprehensive loss for the year (358,275) (50,433) (677,077) (1,085,785) as of December 31, 2011 2,560,155 64,242 (1,421,000) 1,203,397 The consolidated statement of changes in net assets is to be read in conjunction with the notes to and forming part of the consolidated financial statements set out on pages 8 to 37. “Hayastan” All Armenian Fund Consolidated financial statements December 31, 2011 6 Consolidated statement of cash flows In thousand drams Year ended Year ended December 31, December 31, 2011 2010 Cash flows from operating activities Profit/(loss) for the year
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