Notes to the Consolidated Financial Statements for the year ended 31 December 2011

1. Background 2. Basis of Preparation 3. Significant Accounting Policies
4. Determination of Fair Values 5. Subsidiaries 6. Operating Segments
7. Revenue 8. Operating Expenses 9. Personnel Costs
10. Finance Income and Costs 11. Income Tax Expense 12. Property, Plant and Equipment
13. Intangible Assets 14. Deferred Tax Assets and Liabilities 15. Investments and Financial Assets
16. Other Non-Current Assets 17. Cash and Cash Equivalents 18. Trade and Other Receivables
19. Inventories 20. Equity 21. Earnings Per Share
22. Loans and Borrowings 23. Finance Lease 24. Employee Benefits
25. Employee Payables 26. Trade and Other Payables 27. Other Taxes and Contribitions Payable
28. Financial Instruments and Risk Management 29. Operating Leases 30. Commitments
31. Contingencies 32. Related Party Transactions


General Director:D.O. Gudzhoyan Chief accountant:M.V. Danilova
6 April 2012