0000731859 us-gaap:TreasuryStockMember 2011-09-30 0000731859 us-gaap:RetainedEarningsMember 2011-09-30 0000731859 us-gaap:NoncontrollingInterestMember 2011-09-30 0000731859 us-gaap:AdditionalPaidInCapitalMember 2011-09-30 0000731859 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2011-09-30 0000731859 us-gaap:TreasuryStockMember 2010-12-31 0000731859 us-gaap:RetainedEarningsMember 2010-12-31 0000731859 us-gaap:NoncontrollingInterestMember 2010-12-31 0000731859 us-gaap:AdditionalPaidInCapitalMember 2010-12-31 0000731859 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2010-12-31 0000731859 us-gaap:TreasuryStockMember 2010-09-30 0000731859 us-gaap:RetainedEarningsMember 2010-09-30 0000731859 us-gaap:NoncontrollingInterestMember 2010-09-30 0000731859 us-gaap:AdditionalPaidInCapitalMember 2010-09-30 0000731859 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2010-09-30 0000731859 us-gaap:TreasuryStockMember 2009-12-31 0000731859 us-gaap:RetainedEarningsMember 2009-12-31 0000731859 us-gaap:NoncontrollingInterestMember 2009-12-31 0000731859 us-gaap:AdditionalPaidInCapitalMember 2009-12-31 0000731859 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2009-12-31 0000731859 us-gaap:AdditionalPaidInCapitalMember 2011-01-01 2011-09-30 0000731859 us-gaap:RetainedEarningsMember 2011-01-01 2011-09-30 0000731859 us-gaap:RetainedEarningsMember 2010-01-01 2010-09-30 0000731859 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2011-01-01 2011-09-30 0000731859 us-gaap:NoncontrollingInterestMember 2010-01-01 2010-09-30 0000731859 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2010-01-01 2010-09-30 0000731859 us-gaap:NoncontrollingInterestMember 2011-01-01 2011-09-30 0000731859 us-gaap:CommonClassAMember 2011-09-30 0000731859 us-gaap:CommonClassAMember 2010-12-31 0000731859 us-gaap:CommonClassAMember 2010-09-30 0000731859 us-gaap:CommonClassAMember 2009-12-31 0000731859 2009-12-31 0000731859 2010-12-31 0000731859 2011-10-28 0000731859 2011-07-01 2011-09-30 0000731859 2011-01-01 2011-09-30 0000731859 2010-07-01 2010-09-30 0000731859 2011-09-30 0000731859 2010-09-30 0000731859 us-gaap:AdditionalPaidInCapitalMember 2010-01-01 2010-09-30 0000731859 2010-01-01 2010-09-30 iso4217:USD xbrli:shares xbrli:shares iso4217:USD 368000 368000 52780000 69201000 2708000 283000 6111000 4341000 4677000 -434000 <div> <table style="font-family: times new roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr valign="top"><td style="width: 36pt;"> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">14.</font></div></td> <td> <div align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Midroog Ltd. (an affiliate of Moody's Investors Service) ("Midroog") currently rates Ampal's Series A, Series B and Series C Debentures (the "Debentures").</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">On August 11, 2011, Midroog downgraded Ampal's Debentures ratings by three notches, to BA3 from BAA3 with a negative outlook.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">On May 26, 2011, Midroog downgraded Ampal's Debentures ratings by two notches, to BAA3 from BAA1 with a negative outlook. The Debentures were removed from Midroog's "Watchlist".</font></div> <div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div> <div style="width: 100%;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 8pt;" class="_mt">&nbsp; </font></div></div> <div style="width: 100%;"> <div style="text-align: center; width: 100%;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"> </font></div> <div style="text-align: center; width: 100%;"> </div></div> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Due to the above downgrading of the ratings of Ampal's Series C Debentures and according to the terms of the Series C debentures, the Series C debenture holders are entitled to additional interest payments which will be calculated as follows:</font></div></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr valign="top"><td style="width: 72pt;" align="right"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">1.&nbsp;&nbsp;</font></div></td> <td> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The annual interest on Ampal's Series C Debentures since their issuance and until May 25, 2011 was 6.95%;</font></div></td></tr></table></div> <div> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr valign="top"><td style="width: 72pt;" align="right"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">2.&nbsp;&nbsp;</font></div></td> <td> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The annual interest on Ampal's Series C Debentures from May 26, 2011 and until August 10, 2011 was 7.70%;</font></div></td></tr></table></div> <div> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr valign="top"><td style="width: 72pt;" align="right"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">3.&nbsp;&nbsp;</font></div></td> <td> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The annual interest on Ampal's Series C Debentures from August 11, 2011 and thereafter will be 7.95%;</font></div></td></tr></table></div> <div> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr valign="top"><td style="width: 72pt;" align="right"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">4.&nbsp;&nbsp;</font></div></td> <td> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The weighted average interest that Ampal paid its Series C Debentures holders on September 7, 2011, was 7.41%;</font></div></td></tr></table></div> <div> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr valign="top"><td style="width: 72pt;" align="right"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">5.&nbsp;&nbsp;</font></div></td> <td> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The annual interest on Ampal's Series C Debentures as reflected from the above weighted average interest is 7.50%;</font></div></td></tr></table></div> <div> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr valign="top"><td style="width: 72pt;" align="right"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">6.&nbsp;&nbsp;</font></div></td> <td> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The annual interest on Ampal's Series C Debentures for the upcoming periods will be 7.95%; and</font></div></td></tr></table></div> <div> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr valign="top"><td style="width: 72pt;" align="right"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">7.&nbsp;&nbsp;</font></div></td> <td> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The semi-annual interest on Ampal's Series C Debentures for the upcoming periods will be 3.975%.</font></div></td></tr></table></div> 2240000 770000 2265000 716000 481000 479000 <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> </div> <div style="text-align: justify;"> <table style="text-align: justify; font-family: times new roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr style="text-align: justify;" valign="top"><td style="text-align: justify; width: 36pt;"> <div style="text-align: justify; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">9.</font></div></td> <td style="text-align: justify;"> <div style="text-align: justify;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Sugarcane Ethanol Production Project</font></div></td></tr></table></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">&nbsp;</div> <div style="text-align: justify;"> <table style="text-align: justify; font-family: times new roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr style="text-align: justify;" valign="top"><td style="text-align: justify; width: 35pt;"> <div style="text-align: justify;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td style="text-align: justify;"> <div style="text-align: justify;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">On December 31, 2009, Ampal signed an option exercise agreement (the "Exercise Agreement") with Merhav (M.N.F.) Ltd. ("Merhav") pursuant to which it exercised, subject to certain conditions, its option (the "Option") to convert Ampal's existing loan to Merhav (consisting of $20 million of principal plus accrued interest) (the "Loan") into a 25% equity interest in the sugarcane ethanol production project in Colombia (the "Project") being developed by Merhav. The Loan is evidenced by an Amended and Restated Promissory Note, dated December 25, 2008 (the "Note"), issued by Merhav in favor of Ampal, and is secured by Merhav's pledge of its shares of Class A Stock of Ampal, pursuant to that certain Pledge Agreement, dated December 24, 2007, between Merhav and Ampal (the "Pledge Agreement"). Merhav's obligations under the Note are guaranteed by Mr. Yosef A. Maiman pursuant to a personal guaranty, dated as of December 25, 2008 (the "Guaranty"). The Option is evidenced by an Option Agreement, dated December 25, 2007, between Merhav and Ampal, as amended on December 25, 2008 (the "Option Agreement"). The Loan, Option and related transactions are summarized in the Company's previously filed annual and periodic reports. On December 31, 2010, all the rights and obligations of Ampal in the Project were assigned to MAG.</font></div></td></tr></table></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">&nbsp;</div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Pursuant to the Exercise Agreement, the conversion of the Loan into a 25% equity interest in the Project will take the form of the issuance to MAG of 25% of all of the issued and outstanding equity interests in Merhav Renewable Energies Limited, a Cyprus corporation and subsidiary of Merhav ("Merhav Energies"). The purchase price for the 25% equity stake in Merhav Energies, to be paid at closing, is the outstanding balance of the Note on December 31, 2009, or approximately $22.3 million. The closing of the purchase of the 25% equity stake and the conversion of the Loan is subject to, among other things, (i) the initial disbursement of (or other evidence of) long-term debt financing for the Project obtained from Banco do Brasil or any other unaffiliated third party lender (the date such financing is obtained, the "Qualified Financing Date"), (ii) the payment in full of all outstanding amounts due and payable under the Note, and (iii) the delivery at closing of the Shareholders' Agreement (as defined below) by Merhav and MAG, setting forth certain agreements relating to the governance of Merhav Energies. At closing, the Note and the Guaranty shall be cancelled and the pledge of Merhav's shares of Class A Stock under the Pledge Agreement shall be released. The closing was to occur on the Qualified Financing Date or as soon as practicable thereafter, but no later than December 31, 2010 (the "Termination Date"). Since the Qualified Financing Date did not occur prior to December 31, 2010, on December 31, 2010, the parties amended the Exercise Agreement such that the Termination Date and the maturity date of the Note was extended to December 31, 2011.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div> <div style="width: 100%;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 8pt;" class="_mt">&nbsp; </font></div></div> <div style="width: 100%;"> <div style="text-align: center; width: 100%;"> </div></div> <div> <div style="width: 100%;" align="right"><font style="display: inline; font-family: Times New Roman; font-size: 8pt;" class="_mt">&nbsp; </font></div></div></div> <div style="text-indent: 0pt; display: block;"><br /></div> <div style="text-align: justify; text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Exercise Agreement contains other customary closing conditions, as well as customary&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; representations and warranties.</font></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">&nbsp;</div> <div style="text-align: justify;"> <table style="text-align: justify; font-family: times new roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr style="text-align: justify;" valign="top"><td style="text-align: justify; width: 36pt;"> <div style="text-align: justify;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td style="text-align: justify;"> <div style="text-align: justify;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Pursuant to the Exercise Agreement, the Note was amended to extend its maturity date to the earlier of the Qualified Financing Date or December 31, 2011. Additionally, Merhav and Ampal have agreed that, under certain circumstances, each will arrange for loans to Merhav Energies from time to time through third parties, directly or indirectly, for up to $15 million.</font></div></td></tr></table></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">&nbsp;</div> <div style="text-align: justify;"> <table style="text-align: justify; font-family: times new roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr style="text-align: justify;" valign="top"><td style="text-align: justify; width: 36pt;"> <div style="text-align: justify;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td style="text-align: justify;"> <div style="text-align: justify;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">As stated above, as a condition to closing MAG's purchase of a 25% equity stake in Merhav Energies, Merhav, MAG and Merhav Energies will enter into a Shareholders' Agreement (the "Shareholders' Agreement") to provide for, among other things, (i) restrictions on the transfer of shares of Merhav Energies, (ii) a right of first refusal on transfers of shares of Merhav Energies, (iii) tag-along and drag-along rights on the transfer of shares of Merhav Energies, (iv) preemptive rights on the issuance of new shares of capital stock (or other equity interest) by Merhav Energies, subject to the anti-dilution rights of MAG, and (v) the right of MAG to designate 25% of the directors of Merhav Energies. In addition to preemptive rights under the Shareholders' Agreement, MAG has been granted anti-dilution protection, which may result in the issuance of additional shares of Merhav Energies to MAG, in the event that, prior to end of the 180-day period following the commencement of the Project's operations, Merhav sells, or Merhav Energies issues, shares of Merhav Energies at a per share price that is less than the per share price paid by MAG under the Exercise Agreement.</font></div></td></tr></table></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">&nbsp;</div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Merhav is a multinational corporation with interests in a range of sectors, including energy, infrastructure projects and agriculture. Merhav is a significant shareholder of Ampal and is wholly owned by Mr. Yosef A. Maiman, the President, CEO and a member of the controlling shareholder group of Ampal. Because of the foregoing relationship, a special committee of the Board of Directors of Ampal composed of Ampal's independent directors negotiated and approved the transaction. Houlihan Lokey Financial Advisors, Inc., which has been retained as financial advisor to the special committee, advised the special committee on this transaction.</font></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Services and Management Agreements</font></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">&nbsp;</div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">In February 2009, Ampal and Gadot entered into a management services agreement (intercompany transaction), according to which Ampal provides Gadot with management services for an annual consideration calculated as a percentage of Gadot's profits.</font></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">&nbsp;</div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">On December 30, 2010, Ampal entered into a management services agreement with Merhav, according to which Merhav provides the Company and its subsidiaries with management, marketing, financial, development and other administrative services for an annual consideration which will be determined annually and shall be equal to a percentage of the direct and indirect expenses incurred by Merhav in connection with providing services to or for the benefit of Ampal. The management fee shall be determined by the Special Committee of the Board of Directors of Ampal (composed solely of independent directors) at or around the end of each fiscal year.</font></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">&nbsp;</div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">On January 1, 2011, Ampal entered into an Aircraft Sharing Agreement with Merhav, according to which Ampal has a limited and non-exclusive right to use the aircraft possessed and operated by Merhav. For the usage of the aircraft, Ampal will pay Merhav a pro rata share of the fixed costs related to the aircraft (calculated annually based on the flight hours of the aircraft used by Ampal compared to the total flight hours of the aircraft, with a maximum amount of $500,000 per annum) and the direct costs and expenses of operating each flight for Ampal.</font></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">&nbsp;</div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">As stipulated above, Yosef A. Maiman, the Chairman, President and CEO of Ampal and a member of the controlling shareholder group of Ampal, is the sole owner of Merhav. Because of the foregoing relationship, a special committee of the Board of Directors composed of Ampal's independent directors negotiated and approved the transactions between Ampal and Merhav.</font></div> false --12-31 Q3 2011 2011-09-30 10-Q 0000731859 56133764 Smaller Reporting Company AMPAL-AMERICAN ISRAEL CORP 102104000 90705000 113837000 120998000 32633000 41704000 103000 -9670000 182924000 183403000 2068000 2504000 1397675000 947578000 638453000 277719000 412239000 759222000 669859000 33341000 69201000 71484000 54381000 42192000 69201000 <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"> <table style="font-family: times new roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr valign="top"><td style="width: 36pt;" align="right"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">4.</font></div></td> <td align="left"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Cash and cash equivalents</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Cash equivalents are short-term, highly liquid investments (bank accounts and bank deposits) that have original maturity dates of three months or less and are readily convertible into cash.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Cash equivalents equal to $1.0 million have been allocated as a compensating balance for various loans provided to the Company and would therefore be unavailable if the Company wished to pledge them in order to provide an additional source of cash.</font></div> -17103000 27009000 208849000 -3973000 -341534000 174085000 36393000 -18124000 357567000 121243000 413291000 139120000 1 1 100000000 100000000 63277000 63277000 63277321 63277000 63277321 63277000 56133764 56133764 63277000 63277000 -31400000 -63717000 <div> <table style="font-family: times new roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr valign="top"><td style="width: 36pt;"> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">6.</font></div></td> <td> <div align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">East Mediterranean Gas Company</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">As of September 30, 2011, the Company's financial statements reflect a 16.8% interest in shares of East Mediterranean Gas Co. S.A.E., an Egyptian joint stock company ("EMG"), with 8.2% held directly and 8.6% held through Merhav Ampal Energy Holdings, LP, an Israeli limited partnership of which Ampal owns 50%.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The investment in EMG is accounted for as a cost method investment.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div> <div style="width: 100%;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 8pt;" class="_mt">&nbsp; </font></div></div> <div style="width: 100%;"> <div style="text-align: center; width: 100%;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"> </font></div></div> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Company evaluates the carrying value amount of its interest in EMG&nbsp;annually in connection with&nbsp;the preparation of its financial statements.&nbsp; In light of&nbsp;the recent developments in Egypt, the Company obtained updated interim valuations from an independent third-party valuation firm for the quarters ended September 30, 2011, June 30, 2011 and March 31, 2011.&nbsp;The periodic independent valuations obtained&nbsp;by the&nbsp;Company to assist in its preparation of financial statements&nbsp;customarily&nbsp;indicate&nbsp;a range of values depending on underlying assumptions. The valuation is based on the discounted cash flow (DCF) method. Due to current uncertainties, the valuation firm used a wide range of scenarios, including deferent assumptions regarding the profitability and discount rates of EMG. An adverse change in any of these assumptions, such as the price, quantity, delivery dates and reliability of the gas and discount rates, might result in additional&nbsp;reduction in the value of EMG.</font></div></div></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">&nbsp;</div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The valuation ranges determined by the independent valuation firm for the following periods and the carrying amount of Ampal's investment in EMG were:</font></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">&nbsp;</div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">At December 31, 2010, the valuation range was between $2,930 million and $3,280 million and the amount on which the carrying amount of Ampal's investment in EMG on a cost basis was based on a value of&nbsp;&nbsp;$2,151million.</font></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">&nbsp;</div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">At June 30, 2011, the valuation range was between $2,000 million and $2,300 million and the amount on which the carrying amount of Ampal's investment in EMG after impairment was based on a value of&nbsp;&nbsp;$2,050 million.</font></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"> </font>&nbsp;</div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">At September 30, 2011, the valuation range was between $1,900 million and $2,150 million and due to the recent development the amount on which the carrying amount of Ampal's investment in EMG after impairment was based on a value of $1,850 million.</font></font></div></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"> </font>&nbsp;</div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">In the independent valuation as of June 30, 2011, due to uncertainties in Egypt including the repeated gas supply interruptions and their length,&nbsp;the lower end of the indicated valuation range was materially lower than in the past and&nbsp;lower than&nbsp;the value at which EMG was carried on the Company's balance sheet. Management assessed the investment to determine if the decline in fair value was other than temporary. Based on these assessments, management determined that the decline in fair value of the investment was other than temporary and the Company recorded in the quarter ended June 30, 2011 charges of $16.9 million and decreased deferred income taxes in the amount of $14.1 million. The carrying amount of the investments in EMG as of June 30, 2011 was $344.4 million.</font></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">&nbsp;</div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">As of September 30, 2011, although the value at which EMG was carried in the Company's balance sheet was within the range of values in the independent valuation for that period, management determined due to the continued uncertainties related to EMG, including the repeated gas supply interruptions and their length, to use a lower value in the range of values determined by the independent valuation and to record on the Company's balance sheet a further decline in fair value of the investment. The Company recorded in the quarter ended September 30, 2011 charges of $<font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">33.6</font> million. The carrying amount of the investments in EMG as of September 30, 2011 was $310.8 million.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Company recorded in <font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">the</font> nine months ended September 30, 2011 charges of $50.5 million and decreased deferred income taxes in the amount of $14.1 million in connection with its investment in EMG.</font></div></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"> </font>&nbsp;</div></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">EMG,organized in 2000 in accordance with the Egyptian Special Free Zones system, has been granted the right to export 7.0 billion cubic meters ("BCM")/year of natural gas from Egypt to Israel, other locations in the East Mediterranean basin and to other countries. EMG has linked the Israeli energy market with the Egyptian national gas grid via an East Mediterranean pipeline with the first gas delivery occurring in May 2008. EMG is the developer, owner and operator of the pipeline and its associated facilities on shore in both the point of departure at El Arish, Egypt and the point of entry in Ashkelon, Israel.</font></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">&nbsp;</div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">This project is governed by an agreement signed between Israel and Egypt which designates EMG as the authorized exporter of Egyptian gas, secures EMG's tax exemption in Israel and provides for the Egyptian government's guarantee for the delivery of 7 BCM/year of gas to the Israeli market.</font></div> <div style="text-align: justify; text-indent: 0pt; display: block;"><br /></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Between February 5, 2011 and September 27, 2011, there were five explosions along the Egyptian gas pipeline owned and operated by GASCO (the Egyptian gas transport company) due to alleged terror attacks and on July 30, 2011, in the wake of violent incidents in El-Arish, Egypt, there was an attempt to cause damage to the EMG site near El-Arish. The security forces on site returned fire, prevented any penetration of the EMG site and repelled the attack. Neither EMG's site nor EMG's pipeline were damaged in the attacks.</font></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;">&nbsp;</div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Due to the alleged terror attacks, from February 5, 2011 to March 15, 2011, from April 27, 2011 to June 9, 2011, from July 4, 2011 to July 5, 2011 and from July 12, 2011 to October 23, 2011, the supply of gas to EMG, and therefore to EMG's Israeli clients, was interrupted.</font></div> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">&nbsp;</div> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">On November 10, 2011, there was an explosion along the Egyptian gas pipeline, approximately 20 kilometers (about 12 miles) west of EMG's site at El-Arish, due to an alleged terror attack. The pipeline is owned and operated by GASCO, the Egyptian gas transport company, which is a subsidiary of EGAS, the Egyptian national gas company (EMG's gas supplier).</font></font></div> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"> </font>&nbsp;</div></div></div></div> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div> <div style="width: 100%;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 8pt;" class="_mt">&nbsp; </font></div></div> <div style="width: 100%;"> <div style="text-align: center; width: 100%;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"> </font></div></div> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Following the explosion EGAS has initiated its standard shut down procedure affecting gas transportation throughout the Sinai area and gas supply to Jordan, Lebanon, Syria; to major Egyptian industries and gas consumers in the Sinai; and to EMG.</font></font></font></div></div> <div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;" align="left"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"> </font>&nbsp;</div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The extent of the damage to GASCO's pipeline and the estimated repair period is unknown at this<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>point. Neither EMG's site nor EMG's pipeline were damaged as the affected GASCO's pipeline is not a part of the EMG pipeline system.</font></font></font></div></div></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"> </font>&nbsp;</div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">As a result of the continued interruption of gas supply to EMG and the&nbsp;delivery of gas&nbsp;to EMG below contracted quantities,&nbsp;the international shareholders of EMG, including Ampal, have commenced procedures under applicable bilateral investment&nbsp;treaties between their countries and Egypt. Such procedures may ultimately result in arbitration of claims under the various treaties, the company's gas supply agreement or other agreements.&nbsp;</font></div> <div style="text-align: justify; text-indent: 0pt; display: block;">&nbsp;</div> <div style="text-align: justify; text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Ampal has also been advised by EMG of EMG's following legal proceedings:</font></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">&nbsp;</div> <div style="text-align: justify;"> <table style="text-align: justify; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr style="text-align: justify;" valign="top"><td style="width: 54pt;" align="right"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">1. &nbsp;&nbsp;</font></div></td> <td> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">EMG filed a Request for Arbitration against Egyptian General Petroleum Corporation ("EGPC") and Egyptian Natural Gas Holding Company ("EGAS") (collectively, "EGPC/EGAS") on October 7, 2011. EGPC and EGAS are Egyptian state-owned entities responsible for the development and transportation of Egypt's hydrocarbon resources. EMG and EGPC/EGAS entered into a Gas Supply and Purchase Agreement on July 13, 2005 (the "Source Contract"). Through its Request for Arbitration, EMG seeks, in part, to enforce its rights to quantities of natural gas provided for in the Source Contract and to secure damages for EGPC/EGAS's failure to supply contractual quantities.</font></div></td></tr></table></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">&nbsp;</div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 54pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Although the delivery shortfalls date back to EGPC/EGAS's earliest deliveries under the Source Contract, EGPC/EGAS have subjected EMG to increasingly severe shortages (and at times to total stoppages) since February 2011. EGPC/EGAS have attempted to avoid liability for the shortages and stoppages by claiming that they are excused from their contractual obligations under the force majeure provisions of the Source Contract. EMG has asked that a tribunal affirm EGPC/EGAS's inability to invoke force majeure, and therefore to affirm EGPC/EGAS's liability to EMG.</font></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">&nbsp;</div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 54pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">EMG has named the Israel Electric Corporation, Ltd. ("IEC") as an additional respondent. IEC is an Israeli state-owned electricity producer that entered into a Gas Sale and Purchase Agreement with EMG on August 8, 2005 (the "On-Sale Agreement"). Under the On-Sale Agreement, EMG promised to supply, and IEC promised to purchase, quantities of natural gas sold to EMG under the Source Contract; those quantities were in turn guaranteed by EGPC/EGAS through a Tripartite Agreement entered into by EMG, IEC and EGPC/EGAS on June 13, 2005 (the "Tripartite Agreement"). Therefore, EGPC/EGAS guaranteed that it would provide contractual quantities of gas to EMG (for sale to IEC) under both the Source Contract and the Tripartite Agreement. Because the contractual guarantees under these two agreements are coextensive, EMG filed for declaratory relief ensuring that EGPC/EGAS, and not EMG, are liable to IEC for supply deficiencies.</font></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"> </font>&nbsp;</div> <div style="text-indent: 0pt; display: block;"> <div style="text-indent: 0pt; display: block; margin-left: 54pt; margin-right: 0pt;" align="left"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">As part of its Request for Arbitration, EMG nominated an arbitrator to sit on the three-member tribunal. EGPC/EGAS and IEC are due to submit their respective answers to the Request, along with a nomination for an additional arbitrator, by November 9, 2011. As of November 13, 2011, EMG has not received such answers or nominations. The total amount of the claim has not yet been quantified and the Company cannot currently estimate the range of possible gain.</font></font></font></div> <div style="text-indent: 0pt; display: block;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"> </font>&nbsp;</div></div></div></div></div> <div style="text-align: justify;"> <table style="text-align: justify; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr style="text-align: justify;" valign="top"><td style="width: 54pt;" align="right"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">2. &nbsp;&nbsp;</font></div></td> <td> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">On September 21, 2011, EMG filed a Request for Arbitration against IEC as a sole respondent. In that arbitration, EMG seeks declaratory relief that IEC is not entitled to claim shortfall penalties from EMG as a result of EGPC/EGAS's breaches of the GSPA and the Tripartite Agreement. EMG also seeks a declaration that it may seek out additional customers, and renew contracts with existing customers, without breaching the On-Sale Agreement. EMG filed its Request for Arbitration, along with its nomination for an arbitrator, on September 21, 2011. IEC nominated its arbitrator to the three-person arbitral tribunal. EMG and IEC agreed to suspend the arbitration for six months, with each party having the right to renew proceedings on two weeks' notice. The total amount of the claim has not yet been quantified and the Company cannot currently estimate the range of possible gain.</font></div></td></tr></table></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">&nbsp;</div> <div style="text-align: justify;"> <table style="text-align: justify; font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr style="text-align: justify;" valign="top"><td style="width: 54pt;" align="right"> <div><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">3.&nbsp; &nbsp;</font></div></td> <td> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Company and other EMG shareholders have issued letters to the Government of the Arab Republic of Egypt seeking consultation relative to several bilateral investment treaties. No formal arbitral proceedings have yet begun for EMG's investors under these treaties.&nbsp;&nbsp;The claim relates to the same subject matter described above, and rests on the assertion that the conduct of Egypt and of entities that it owns and/or controls (including EGPC/EGAS) constitutes a violation of the substantive protections found in the applicable investment protection treaties.&nbsp;&nbsp;These protections include the prohibition against expropriation without compensation, the commitment to accord fair and equitable treatment, the obligation to protect and secure investments, and the prohibition against discrimination in the treatment of investments.&nbsp;&nbsp;Should no amicable solution to this dispute be reached, the Company plans to initiate arbitration against the Government of Egypt seeking compensation for the damage caused to its investment in EMG.</font></div></td></tr></table></div> 327163000 110648000 375392000 126178000 506000 38000 475000 175000 408698000 156780000 512380000 187075000 41422000 27189000 13775000 13878000 13267000 15190000 <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivatives and Other Financial Instruments</font></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">&nbsp;</div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Company is exposed to certain risks relating to its ongoing business operations, including financial, market, political, and economic risks. The following discussion provides information regarding the Company's exposure to the risks of changing commodity prices, interest rates, and foreign currency exchange rates.</font></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;">&nbsp;</div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Company's derivative activities are subject to management's discretion.</font></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">&nbsp;</div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The interest rate and foreign exchange contracts are held for purposes other than trading. They are used primarily to mitigate uncertainty and volatility, and in order to cover underlying exposures. On May 15, 2009, the Company entered into a swap contract to convert some of its NIS denominated debt in the amount of NIS 150 million (approximately $43.9 million) into U.S. Dollar denominated debt and to convert Israeli interest rates into LIBOR interest rates.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"> <div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div> <div style="width: 100%;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 8pt;" class="_mt">&nbsp; </font></div></div> <div style="width: 100%;"> <div style="text-align: center; width: 100%;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"> </font></div> <div style="text-align: center; width: 100%;"> </div></div> <div> <div style="width: 100%;" align="right"><font style="display: inline; font-family: Times New Roman; font-size: 8pt;" class="_mt">&nbsp; </font></div></div></div></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">On April 1, 2009, the Company signed an interest rate swap contract in order to convert some of the Company's LIBOR interest rate denominated debt in the amount of $43.7 million into fixed interest rate debt, for a contractual term of 10 years.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Gadot</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Company uses foreign currency forward contracts to mitigate fluctuations in foreign currency exchange rates due to variations in payment or receipt of currencies other than the Company's functional currency. The Company uses contracts to purchase U.S. Dollars and sell Euros, contracts to purchase Euros and sell U.S. Dollars and contracts to purchase U.S. Dollars and sell NIS.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Company enters into derivative financial instruments, including swaps and forward agreements. The Company reports the fair value of the derivatives on our balance sheet. The derivatives used are not designated as a hedging instrument under Accounting Standards Codification ("ASC") No. 815. Changes in fair value are recognized in earnings in the period of change.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The following summarizes the gross fair market value of all derivative instruments and their locations in our consolidated balance sheet, and indicates which instruments are in an asset or liability position.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">Asset Derivatives</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">________________________________________________________________________________</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div align="left"> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="bottom" width="27%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="36%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font></td> <td style="text-align: center;" valign="bottom" width="34%" colspan="10"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: normal;" class="_mt">(U.S. Dollars in thousands)</font></font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td></tr> <tr><td style="border-bottom: black 2px solid;" valign="bottom" width="27%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Derivative Instrument</font></div></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="36%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Location</font></div></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 8.4pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">September 30, 2011</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 8.4pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">December 31, 2010</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">September</font> <font style="display: inline; font-weight: bold;" class="_mt">30, 2010</font></font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="bottom" width="27%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">SWAP contract</font></div></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="36%" align="left"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Other assets</font></div></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">3,414</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">5,552</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">3,691</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td></tr> <tr bgcolor="white"><td valign="bottom" width="27%" align="left"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Foreign currency exchange contracts</font></div></td> <td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="36%" align="left"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Other assets</font></div></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">6</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">-</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">-</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">Liability Derivatives</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">________________________________________________________________________________</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div align="left"> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr><td style="padding-bottom: 2px;" valign="bottom" width="27%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="36%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="34%" colspan="10"> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: normal;" class="_mt">(U.S. Dollars in thousands)</font></font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td></tr> <tr><td style="border-bottom: black 2px solid;" valign="bottom" width="27%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Derivative Instrument</font></div></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="36%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Location</font></div></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">September 30, 2011</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">December 31, 2010</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">September</font> <font style="display: inline; font-weight: bold;" class="_mt">30, 2010</font></font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="bottom" width="27%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">SWAP contract</font></div></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="36%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Accounts payable, accrued expenses and others</font></div></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">1,930</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">-</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">1,465</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td></tr> <tr bgcolor="white"><td valign="bottom" width="27%" align="left"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Foreign currency exchange contracts</font></div></td> <td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="36%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Accounts payable, accrued expenses and others</font></div></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">83</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">-</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">76</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">Statements of Operations</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: Times New Roman; font-size: 10pt; font-weight: bold;" class="_mt">_________________________________________________________________________________</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div align="left"> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr><td valign="bottom" width="31%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="44%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font></td> <td style="text-align: center;" valign="bottom" width="22%" colspan="6"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: normal;" class="_mt">(U.S. Dollars in thousands)</font></font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font></td></tr> <tr><td style="padding-bottom: 2px;" valign="bottom" width="31%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="44%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="22%" colspan="6"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Nine months ended September 30,</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font></td></tr> <tr><td style="border-bottom: black 2px solid;" valign="bottom" width="31%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Derivative Instrument</font></div></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="44%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Location</font></div></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">2011</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;" valign="bottom" width="10%" colspan="2"> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">2010</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="bottom" width="31%" align="left"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">SWAP contract</font></div></td> <td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="44%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Translation (loss) gain</font></div></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(2,090</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td> <td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">2,178</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td></tr> <tr bgcolor="white"><td valign="bottom" width="31%" align="left"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Interest rate SWAP contract</font></div></td> <td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="44%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Interest loss</font></div></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">1,978</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-size: 10pt;" class="_mt">3,075</font> </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="bottom" width="31%" align="left"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Foreign currency exchange contracts</font></div></td> <td valign="bottom" width="1%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="44%"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Translation (loss) gain</font></div></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">330</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(39</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)&nbsp;&nbsp;&nbsp;&nbsp;</font></td></tr></table></div> <div style="text-indent: 0pt; display: block;"><br /></div> 28891000 3562000 774000 5175000 1601000 0 8851000 <div style="text-align: justify;"> <table style="text-align: justify; font-family: times new roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr style="text-align: justify;" valign="top"><td style="text-align: justify; width: 36pt;"> <div style="text-align: justify; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">8.</font></div></td> <td style="text-align: justify;"> <div style="text-align: justify;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Discontinued operations</font></div></td></tr></table></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">&nbsp;</div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">On March 3, 2011, MAG completed its sale of all of the outstanding shares of 012 Smile Telecom Ltd., a wholly owned subsidiary of MAG ("012"), to Partner Communications Company Ltd. ("Partner"), in accordance with the Share Purchase Agreement between MAG, 012 and Partner, signed on October 13, 2010 (the "012 Sale").&nbsp;As part of the 012 Sale, Partner also assumed approximately NIS 800 million (approximately $225.4 million) of the total debt of 012 Smile. Accordingly, 012 Smile has been reported as discontinued operations since December 31, 2010.<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>The 012 Sale closed on March 3, 2011. Partner paid to Ampal approximately NIS 650 million (approximately $180 million) out of which Ampal recorded a gain of $28.9 million, net of an early repayment fee the Company paid in connection with the repayment of a loan received to finance the purchase of 012 and net of tax, from the 012 Sale. In addition the Company recorded income from discontinued operations of $19.9 million in 2010 and $5.2 million in the period ended September 30, 2011.</font></div></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">&nbsp;</div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">All the indirect interest expenses were recorded as a continuing operation.</font></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">&nbsp;</div> <div style="text-align: justify; text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Classification</font></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">&nbsp;</div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">We classified certain operations as discontinued using GAAP, as the associated operations and cash flows will be eliminated from our ongoing operations and we will not have any significant continuing involvement in their operations after the respective sale transactions. For all periods presented, all of the operating results for these operations were removed from continuing operations and are presented separately as discontinued operations, net of tax. The Notes to the Consolidated Financial Statements were adjusted to exclude discontinued operations unless otherwise noted.</font></div> 1372000 1372000 354000 354000 -0.64 -0.46 -0.75 -0.36 <div> <table style="font-family: times new roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr valign="top"><td style="width: 36pt;"> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">15.</font></div></td> <td> <div align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The following table summarizes securities that were not included in the calculations of diluted earnings per share of Class A Stock for the periods ended September 30, 2011 and 2010 because such shares are anti-dilutive.</font></div></td></tr></table></div> <div>&nbsp;</div> <div align="right"> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="95%"> <tr><td style="border-bottom: black 2px solid;" valign="bottom" width="52%" align="left"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">(Shares in thousands)</font></div></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="22%" colspan="6"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Nine&nbsp;Months ended</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">September 30,</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="22%" colspan="6"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Three Months ended</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">September 30,</font></div></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font></td></tr> <tr><td style="padding-bottom: 2px;" valign="bottom" width="52%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">2011</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">2010</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">2011</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="10%" colspan="2"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">2010</font></div></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="bottom" width="52%" align="left"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Shares resulting from Options and Rights</font></div></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">4,110</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">3,783</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">4,110</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">3,783</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> 3609000 -6064000 566000 -901000 <div style="text-align: justify; text-indent: 0pt; display: block;"> </div> <div style="text-align: justify;"> <table style="text-align: justify; font-family: times new roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr style="text-align: justify;" valign="top"><td style="text-align: justify; width: 36pt;"> <div style="text-align: justify; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">7.</font></div></td> <td style="text-align: justify;"> <div style="text-align: justify;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Gadot Chemical Tankers and Terminals Ltd. ("Gadot")</font></div></td></tr></table></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">&nbsp;</div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Gadot, a wholly owned subsidiary of Ampal (99.99% on a fully diluted basis), was founded in 1958 as a privately-held Israeli company with operations in distribution and marketing of liquid chemicals for raw materials used for industrial purposes. Since then, Gadot has expanded into a group of companies, which currently forms Israel's leading chemical distribution organization. Through its subsidiaries, Gadot ships, stores, and distributes liquid chemicals, oils, and a large variety of materials to countries across the globe, with an emphasis on Israel and Western Europe. In our description of Gadot's business operations, the term "Gadot" refers to Gadot and its consolidated subsidiaries.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div> <div style="width: 100%;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 8pt;" class="_mt">&nbsp; </font></div></div> <div style="width: 100%;"> <div style="text-align: center; width: 100%;"> </div> <div style="text-align: center; width: 100%;"> </div></div> <div> <div style="width: 100%;" align="right"><font style="display: inline; font-family: Times New Roman; font-size: 8pt;" class="_mt">&nbsp; </font></div></div></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Gadot's business is influenced by certain economic factors, which include (i) global changes in demand for chemicals used as raw materials for industrial purposes, (ii) price fluctuations of chemicals and raw materials, (iii) price fluctuations of shipping costs, ship leases and ship fuel, (iv) general global financial stability, and (v) currency fluctuations between the New Israeli Shekel<font style="font-style: italic; display: inline;" class="_mt">&nbsp;</font>("NIS") and other currencies, primarily the U.S. Dollar.</font></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">&nbsp;</div> <div style="text-align: justify; text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Gadot's operations are divided into three main service sectors:</font></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">&nbsp;</div> <div style="text-align: justify;"> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <table style="text-align: justify; font-family: times new roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr style="text-align: justify;" valign="top"><td style="text-align: justify; width: 36pt;">&nbsp;</td> <td style="text-align: justify; width: 27pt;"> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Symbol, serif; font-size: 10pt;" class="_mt">&#183;&nbsp;</font></div></td> <td style="text-align: justify;"> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Importing, marketing and sale of chemicals and other raw materials in Israel and Europe;</font></div></td></tr></table></div></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">&nbsp;</div> <div style="text-align: justify; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <table style="text-align: justify; font-family: times new roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr style="text-align: justify;" valign="top"><td style="text-align: justify; width: 36pt;">&nbsp;</td> <td style="text-align: justify; width: 27pt;"> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Symbol, serif; font-size: 10pt;" class="_mt">&#183;&nbsp;</font></div></td> <td style="text-align: justify;"> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Shipping, primarily between the European ports of the Atlantic Ocean and the Mediterranean sea port and agency services for shipping companies and docked ships; and</font></div></td></tr></table></div></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">&nbsp;</div> <div style="text-align: justify;"> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <table style="text-align: justify; font-family: times new roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr style="text-align: justify;" valign="top"><td style="text-align: justify; width: 36pt;">&nbsp;</td> <td style="text-align: justify; width: 27pt;"> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Symbol, serif; font-size: 10pt;" class="_mt">&#183;&nbsp;</font></div></td> <td style="text-align: justify;"> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Logistical services in Israel and Europe.</font></div></td></tr></table></div></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">&nbsp;</div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">These service sectors are synergistic and complementary, so that Gadot provides its customers with a full range of services, from acquiring chemicals based on a customer's needs, logistical handling including shipping and transport, offloading, storage and delivery. Members of the Gadot group of companies also provide services for other members of the group, strengthening the group as a whole.</font></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;">&nbsp;</div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Ampal funded the Gadot acquisition with a combination of available cash and the proceeds of the credit facility, dated November 29, 2007(the "Credit Facilities"), between Merhav-Ampal Group Ltd. (formerly Merhav-Ampal Energy Ltd.), an Israeli corporation and wholly owned subsidiary of Ampal ("MAG"), and Israel Discount Bank Ltd. ("IDB"), for approximately $87.4 million (As of September 30, 2011, the outstanding debt under the Credit Facilities amounts to $79.5 million). The Company has certain financial and other covenants in the Credit Facilities.&nbsp;The Company determined that in connection with the preparation of its September 30, 2011 financial statements that it would not meet the covenants relating to minimum equity. On November 8, 2011, MAG and IDB signed an amendment to the Credit Facility&nbsp;amending certain requirements under certain of our equity maintenance covenants so that they will not apply until the filing of the Company's Quarterly Report on Form 10-Q for the first quarter of the 2013 fiscal year.&nbsp;In connection with the&nbsp;amendments, the interest rate on both loans increased by 1% to LIBOR plus 3%.</font></div></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">&nbsp;</div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">12.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair Value Measurements</font></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">&nbsp;</div> <div style="text-align: justify;"> <table style="text-align: justify; font-family: times new roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr style="text-align: justify;" valign="top"><td style="text-align: justify; width: 35pt;"> <div style="text-align: justify;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td style="text-align: justify;"> <div style="text-align: justify;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Fair value is defined as the price that would be received to sell an asset or paid to transfer the liability (an exit price) in an orderly transaction between market participants and also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The fair value hierarchy used by the Company within ASC No. 820 distinguishes between three levels of inputs that may be utilized when measuring fair values, including Level 1 inputs (using quoted prices in active markets for identical assets or liabilities), Level 2 inputs (using inputs other than Level 1 prices such as quoted prices for similar assets and liabilities in active markets or inputs that are observable for the asset or liability) and Level 3 inputs (unobservable inputs supported by little or no market activity based on the Company's own assumptions used to measure assets and liabilities). A financial asset's or liability's classification within the above hierarchy is determined based on the lowest level input that is significant to the fair value measurement.</font></div></td></tr></table></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">&nbsp;</div> <div style="text-align: justify;"> <table style="text-align: justify; font-family: times new roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr style="text-align: justify;" valign="top"><td style="text-align: justify; width: 35pt;"> <div style="text-align: justify;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td style="text-align: justify;"> <div style="text-align: justify;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The following section describes the valuation methodologies used by the Company to measure derivative contracts at fair value, including an indication of the level in the fair value hierarchy at which each instrument is generally classified. Where appropriate, the description includes details of the valuation models, the key inputs to those models, and any significant assumptions.</font></div></td></tr></table></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">&nbsp;</div> <div style="text-align: justify;"> <table style="text-align: justify; font-family: times new roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr style="text-align: justify;" valign="top"><td style="text-align: justify; width: 35pt;"> <div style="text-align: justify;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td style="text-align: justify;"> <div style="text-align: justify;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Derivative contracts are valued using quoted market prices and significant other observable and unobservable inputs. Such financial instruments consist of interest rate and foreign exchange contracts. The fair values for the majority of these derivative contracts are based upon current quoted market prices. These financial instruments are typically exchange-traded and are generally classified within Level 1 or Level 2 of the fair value hierarchy depending on whether the exchange is deemed to be an active market or not.</font></div></td></tr></table></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">&nbsp;</div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2011 consisted of the following (in thousands):</font></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;">&nbsp;</div> <div style="text-align: justify;"> <div align="left"> <div align="right"> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="95%"> <tr><td valign="bottom" width="28%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Fair Value Measurements as of:</font></font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom" width="33%" colspan="9"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom" width="33%" colspan="9"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td></tr> <tr><td style="padding-bottom: 2px;" valign="bottom" width="28%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="33%" colspan="10"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-weight: bold;" class="_mt">September</font> <font style="display: inline; font-weight: bold;" class="_mt">30, 2011</font></font></div></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="33%" colspan="10"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">December 31, 2010</font></font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td></tr> <tr><td style="padding-bottom: 2px;" valign="bottom" width="28%" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%" colspan="2"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Level 1</font></font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%" colspan="2"> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Level 2</font></font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%" colspan="2"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Total</font></font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%" colspan="2"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Level 1</font></font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%" colspan="2"> <div style="text-align: center; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Level 2</font></font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%" colspan="2"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">Total</font></font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="bottom" width="28%" align="left"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Trading securities *</font></div></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">10,808</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">-</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">10,808</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">381</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">-</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">381</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td></tr> <tr bgcolor="white"><td valign="bottom" width="28%" align="left"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Available for sale securities *</font></div></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">469</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">-</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">469</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">509</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">-</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">509</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="bottom" width="28%" align="left"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Derivative assets **</font></div></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">-</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">3,420</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">3,420</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">-</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">5,552</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">5,552</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td></tr> <tr bgcolor="white"><td style="padding-bottom: 2px;" valign="bottom" width="28%" align="left"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Derivative liabilities **</font></div></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">-</font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(2,013 </font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(2,013 </font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">-</font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">-</font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">-</font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td style="padding-bottom: 4px;" valign="bottom" width="28%" align="left"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Total</font></div></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">11,277</font></td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">1,407</font></td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">12,684</font></td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">890</font></td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">5,552</font></td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">6,442</font></td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td></tr></table></div></div> <div style="text-indent: 0pt; display: block;">&nbsp;</div></div> <div style="text-align: justify;"> <table style="text-align: justify; font-family: times new roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr style="text-align: justify;" valign="top"><td style="text-align: justify; width: 36pt;">&nbsp;</td> <td style="text-align: justify;"> <div style="text-align: justify;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Marketable securities that are classified in Level 1 consist of available-for-sale and trading securities for which market prices are readily available. The fair value of derivative assets is determined based on inputs that can be derived from information available in publicly quoted markets. Unrealized gains or losses from available-for-sale securities are recorded in accumulated other comprehensive (loss)&nbsp;income.</font></div></td></tr></table></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">&nbsp;</div> <div style="text-align: justify;"> <table style="text-align: justify; font-family: times new roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr style="text-align: justify;" valign="top"><td style="text-align: justify; width: 35pt;"> <div style="text-align: justify;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td style="text-align: justify;"> <div style="text-align: justify;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">* The trading securities and available-for-sale securities are mainly traded debentures.</font></div></td></tr></table></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"> </font>&nbsp;</div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">** See Note 11.</font></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">&nbsp;</div> <div style="text-align: justify;"> <table style="text-align: justify; font-family: times new roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr style="text-align: justify;" valign="top"><td style="text-align: justify; width: 35pt;"> <div style="text-align: justify;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td style="text-align: justify;"> <div style="text-align: justify;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The carrying amount of the Company's traded debentures as of September 30, 2011 is $258 million. The market value of such debentures, based on the closing price of those debentures on September 30, 2011 on the Tel Aviv Stock Exchange, was $118 million. The total carrying value of long-term loans as of September 30, 2011 was $342.8 million. The Company estimates that the fair value of the long-term loans approximates their carrying value, since substantially all of them bear non-fixed interest and there is no significant change in the credit risk of such loans.</font></div></td></tr></table></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">&nbsp;</div> <div style="text-align: justify;"> <div style="text-align: justify;"> <table style="text-align: justify; font-family: times new roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr style="text-align: justify;" valign="top"><td style="text-align: justify; width: 35pt;"> <div style="text-align: justify;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">&nbsp; </font></div></td> <td style="text-align: justify;"> <div style="text-align: justify;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Investment in EMG with a carrying amount of $361.3 million was written down to its fair value of $310.8 million, resulting in a loss of $50.5 million, which was included in loss for the period. The carrying value of EMG is based, among other things, on nonpublic information.</font></div></td></tr></table></div></div> 12620000 19876000 7109000 17721000 2000 59000 19000 1381000 297000 -12000 59000 70670000 68137000 50523000 33600000 -42199000 -32126000 -87991000 -20372000 -44136000 -33564000 -74985000 -21664000 -0.70 -0.47 -1.36 -0.36 3562000 774000 34066000 0.06 0.01 0.61 -156000 42000 268000 89000 -1937000 -1438000 13006000 -1292000 -5315000 -18322000 -4041000 1387000 6323000 1486000 9241000 -12840000 -1761000 -318000 17063000 12478000 31722000 13998000 32425000 9766000 <table style="font-family: times new roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr valign="top"><td style="width: 36pt;"> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">5.</font></div></td> <td> <div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Inventories &#8211; mainly chemicals and other materials intended for sale are valued at the lower of cost or market. Cost is determined based on the moving average basis.</font></div></td></tr></table> 34810000 36076000 581000 309000 2239000 903000 <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"> <table style="font-family: times new roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr valign="top"><td style="width: 36pt;" align="right"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">16.&nbsp;</font></div></td> <td align="left"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">LEGAL PROCEEDINGS:</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 36pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">None.</font></div> 1219127000 832622000 1397675000 947578000 604435000 275739000 614692000 556883000 292240000 1212000 14749000 44894000 265590000 215610000 371751000 320728000 218023000 211842000 890000 11277000 515000 429000 297000 276000 5811000 1872000 7929000 2575000 -6677000 -18644000 -95726000 151087000 162851000 -71680000 -51133000 14110000 -36704000 -60444000 -35774000 -25802000 -42331000 -20234000 -2863000 -5550000 -11594000 -138000 195342000 138928000 14053000 9782000 43338000 28597000 103274000 98739000 <div> <table style="font-family: times new roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr valign="top"><td style="width: 36pt;"> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">1.</font></div></td> <td> <div align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">As used in these financial statements, the term the "Company" refers to Ampal-American Israel Corporation ("Ampal") and its consolidated subsidiaries.</font></div></td></tr></table></div> 29283000 30385000 18617000 15678000 7248000 7706000 -458000 -9787000 -9768000 -19000 -11000 -11000 -5000 -5000 14030000 16814000 1372000 354000 38505000 3737000 30428000 12687000 4551000 6704000 17850000 839000 1980000 928000 45009000 124631000 8712000 10500000 18618000 31120000 2198000 338000 432000 -38637000 -2863000 -35774000 -31352000 -53925000 -11594000 -42331000 -20372000 196361000 197052000 241000 86000 245000 71000 866000 52000 2256000 13565000 2322000 66473000 -32316000 -74647000 364562000 123216000 437395000 165411000 <div> <table style="font-family: times new roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr valign="top"><td style="width: 36pt;"> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">3.</font></div></td> <td> <div align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Recently Adopted and Recently Issued Accounting Pronouncements</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;" align="left"><br /></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">In June 2011, the Financial Accounting Standard Board ("FASB") issued Accounting Standards Update No. 2011-05 ("ASU 2011-05") which amended the comprehensive income presentation guidance. The amendment requires entities to report components of comprehensive income in either a continuous statement of comprehensive income or two separate but consecutive statements. The guidance is effective for interim and annual periods beginning after December 15, 2011. The Company is currently evaluating the potential impact of ASU 2011-05 on its financial statements.</font></div> <div style="text-indent: 0pt; display: block;"><br /></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">In May 2011, the FASB issued Accounting Standards Update No. 2011-04 ("ASU 2011-04") for Fair Value Measurements and Disclosures (Topic 820). The amendment clarifies the existing guidance and adds new disclosure requirements. The guidance is effective for interim and annual periods beginning after December 15, 2011. The Company is currently evaluating the potential impact of ASU 2011-04 on its financial statements.</font></div> <div style="text-indent: 0pt; display: block;"><br /></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">In December 2010, the FASB<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>issued Accounting Standards Update No. 2010-28<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font> ("ASU 2010-28")<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>for Intangibles - Goodwill and Other (Topic 350<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>): <font style="display: inline; font-size: 10pt;" class="_mt">"</font>Intangibles - Goodwill<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>and Other: When to Perform Step 2 of the Goodwill Impairment Test for<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>Reporting Units with Zero or Negative Carrying Amounts.<font style="display: inline; font-size: 10pt;" class="_mt">" </font>ASU 2010-28<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>impacted reporting units with zero or negative carrying amounts and required<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>an additional test to be performed to determine whether goodwill has been<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>impaired and to calculate the amount of that impairment. The adoption did not have a material impact on the Company's<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>financial statements.</font></div> <div style="text-align: justify;"> <table style="text-align: justify; font-family: times new roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr style="text-align: justify;" valign="top"><td style="text-align: justify; width: 36pt;"> <div style="text-align: justify; text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">13.</font></div></td> <td style="text-align: justify;"> <div style="text-align: justify;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Segment information presented below results primarily from operations in Israel.</font></div></td></tr></table></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;">&nbsp;</div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Chemical segment consists of Gadot which operates in the distribution and marketing of liquid chemicals for raw materials used in the chemical industry.</font></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;">&nbsp;</div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Energy segment consists of the investment in EMG. This investment is accounted for under the cost method.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Leisure-time segment consists of an affiliate, Country Club Kfar Saba Ltd., the Company's 51%-owned subsidiary, located in Israel.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The Finance segment consists of all other activities which are not part of any of the above segments.</font></div></div> <div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"> <div> <div style="width: 100%;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 8pt;" class="_mt">&nbsp; </font></div></div> <div style="width: 100%;"> <div style="text-align: center; width: 100%;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"> </font></div> <div style="text-align: center; width: 100%;"> </div></div> <div> <div style="width: 100%;" align="right"><font style="display: inline; font-family: Times New Roman; font-size: 8pt;" class="_mt">&nbsp; </font></div></div></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div> <div align="left"> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="100%"> <tr><td style="padding-bottom: 2px;" valign="bottom" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: center;" valign="bottom" colspan="6"> <div><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">NINE MONTHS ENDED </font></font></div> <div><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">SEPTEMBER 30,</font></font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: center;" valign="bottom" colspan="6"> <div><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">THREE&nbsp;&nbsp;MONTHS ENDED </font></font></div> <div><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">SEPTEMBER 30,</font></font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td></tr> <tr><td style="padding-bottom: 2px;" valign="bottom" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: center;" valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">2011</font></font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: center;" valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-size: 10pt; font-weight: bold;" class="_mt">2010</font></font></font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: center;" valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">2011</font></font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: center;" valign="bottom" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">2010</font></font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="bottom" align="left"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; text-decoration: underline;" class="_mt"><font style="display: inline;" class="_mt">Revenues:</font></font></div></td> <td style="padding-bottom: 2px;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: center; padding-bottom: 2px;" valign="bottom" colspan="6"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;<font style="display: inline; font-weight: bold;" class="_mt">(Dollars in thousands)</font></font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: center; padding-bottom: 2px;" valign="bottom" colspan="6"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;<font style="display: inline; font-weight: bold;" class="_mt">(Dollars in thousands)</font></font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td></tr> <tr bgcolor="white"><td valign="bottom" width="52%" align="left"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Chemicals</font></div></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">413,291</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">357,567</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">139,120</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">121,243</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="bottom" width="52%" align="left"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Finance</font></div></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">21,571</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">4,911</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">25,486</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">1,161</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td></tr> <tr bgcolor="white"><td style="padding-bottom: 2px;" valign="bottom" width="52%" align="left"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Leisure-time</font></div></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">2,265</font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">2,240</font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">716</font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">770</font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="bottom" width="52%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">437,127</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">364,718</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">165,322</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">123,174</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td></tr> <tr bgcolor="white"><td style="padding-bottom: 2px;" valign="bottom" width="52%" align="left"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Equity in earnings (losses) of affiliates</font></div></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">268</font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(156 </font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">89</font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">42</font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td style="padding-bottom: 4px;" valign="bottom" width="52%" align="left"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Total consolidated revenues</font></div></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">437,395</font></td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">364,562</font></td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">165,411</font></td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">123,216</font></td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td></tr> <tr bgcolor="white"><td valign="bottom" width="52%" align="left"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; text-decoration: underline;" class="_mt"><font style="display: inline;" class="_mt">Pre-tax operating gain (loss):</font></font></div></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right; padding-bottom: 2px;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right; padding-bottom: 2px;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right; padding-bottom: 2px;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right; padding-bottom: 2px;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="bottom" width="52%" align="left"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Chemicals*</font></div></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(1,142</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(7,063</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(111</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(5,954</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td></tr> <tr bgcolor="white"><td valign="bottom" width="52%" align="left"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Finance</font></div></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(23,670 </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(36,904 </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">11,979</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(27,581 </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td></tr> <tr bgcolor="#cceeff"><td valign="bottom" width="52%" align="left"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Energy</font></div></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom" width="9%"> <div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(50,523</font></font></div></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">--</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom" width="9%"> <div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(33,600</font></font></div></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">--</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td></tr> <tr bgcolor="white"><td style="padding-bottom: 2px;" valign="bottom" width="52%" align="left"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Leisure-time</font></div></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">82</font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(13 </font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(21 </font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(71 </font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td></tr> <tr bgcolor="#cceeff"><td valign="bottom" width="52%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom" width="9%"> <div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(75,253</font></font></div></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(43,980 </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom" width="9%"> <div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(21,753</font></font></div></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(33,606 </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td></tr> <tr bgcolor="white"><td style="padding-bottom: 2px;" valign="bottom" width="52%" align="left"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Equity in earnings (losses) of affiliates</font></div></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">268</font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(156 </font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">89</font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">42</font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td style="padding-bottom: 4px;" valign="bottom" width="52%" align="left"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Total consolidated pretax gain (loss)</font></div></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="9%"> <div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(74,985</font></font></div></td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(44,136</font></td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="9%"> <div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(21,664</font></font></div></td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="9%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(33,564</font></td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td></tr></table></div></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">* Including purchase price allocation amortization</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div align="left"> <table style="font-family: times new roman; font-size: 10pt;" cellspacing="0" cellpadding="0" width="80%"> <tr><td style="padding-bottom: 2px;" valign="bottom" width="70%" align="left"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt; text-decoration: underline;" class="_mt"><font style="display: inline;" class="_mt">TOTAL ASSETS</font></font></div></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="13%" colspan="2"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">SEPTEMBER&nbsp;30, 2011</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid;" valign="bottom" width="13%" colspan="2"> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="center"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">DECEMBER 31, 2010</font></div></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt; font-weight: bold;" class="_mt">&nbsp;</font></td></tr> <tr><td valign="bottom" width="70%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp; </font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="13%" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="13%" colspan="2"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="bottom" width="70%" align="left"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Chemicals</font></div></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td> <td style="text-align: right;" valign="bottom" width="12%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">470,355</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td> <td style="text-align: right;" valign="bottom" width="12%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">469,056</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td></tr> <tr bgcolor="white"><td valign="bottom" width="70%" align="left"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Finance</font></div></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom" width="12%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">504,155</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom" width="12%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">508,997</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="bottom" width="70%" align="left"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Energy</font></div></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom" width="12%"> <div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">310,800</font></font></div></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom" width="12%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">361,323</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td></tr> <tr bgcolor="white"><td valign="bottom" width="70%" align="left"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Leisure-time</font></div></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom" width="12%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">3,823</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom" width="12%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">3,714</font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td valign="bottom" width="70%" align="left"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Inter-segment adjustments</font></div></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom" width="12%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(341,555 </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td> <td valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="text-align: right;" valign="bottom" width="12%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">(357,654 </font></td> <td style="text-align: left;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">)</font></td></tr> <tr bgcolor="white"><td style="padding-bottom: 2px;" valign="bottom" width="70%" align="left"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Held for sale assets</font></div></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="12%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">--</font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 2px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 2px solid; text-align: right;" valign="bottom" width="12%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">412,239</font></td> <td style="text-align: left; padding-bottom: 2px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td></tr> <tr bgcolor="#cceeff"><td style="padding-bottom: 4px;" valign="bottom" width="70%" align="left"> <div style="text-indent: -9pt; display: block; margin-left: 9pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">Total consolidated assets</font></div></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="12%"> <div style="text-align: right; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">947,578</font></font></div></td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="padding-bottom: 4px;" valign="bottom" width="1%" align="right"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td> <td style="border-bottom: black 3px double; text-align: left;" valign="bottom" width="1%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">$</font></td> <td style="border-bottom: black 3px double; text-align: right;" valign="bottom" width="12%"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">1,397,675</font></td> <td style="text-align: left; padding-bottom: 4px;" valign="bottom" width="1%" nowrap="nowrap"><font style="display: inline; font-family: times new roman; font-size: 10pt;" class="_mt">&nbsp;</font></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div> </div> 36387000 12503000 45636000 14781000 625000 625000 479000 479000 <div> <table style="font-family: times new roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%" align="center"> <tr valign="top"><td style="width: 36pt;"> <div style="text-indent: 0pt; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">2.</font></div></td> <td> <div align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles ("GAAP") in the United States of America, for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the interim period are not necessarily indicative of the results that may be expected for the full year. You should read these interim condensed consolidated financial statements in conjunction with the audited consolidated financial statements in the Annual Report on Form 10-K for the year ended December 31, 2010, filed with the Securities and Exchange Commission.</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> <div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;" align="justify"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Reference should be made to the Company's consolidated financial statements for the year ended December 31, 2010 for a description of the critical accounting policies. Also, reference should be made to the notes to the Company's December 31, 2010 consolidated financial statements for additional information regarding the Company's consolidated financial condition, results of operations and cash flows.</font></div> <div style="text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;" align="justify">&nbsp;</div> 185225000 133600000 216554000 -14598000 184287000 63277000 -75000 12426000 -28763000 184039000 -6903000 183172000 63277000 -3396000 -23348000 -28763000 178548000 103000 182924000 63277000 -6677000 -32316000 -28763000 114956000 -9670000 183403000 63277000 -18644000 -74647000 -28763000 <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <table style="font-family: times new roman; font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr valign="top"><td style="width: 36pt;" align="right"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">17<font style="display: inline; font-size: 10pt;" class="_mt">.</font> </font></font></div></td> <td align="left"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Subsequent Events</font></div></td></tr></table></div> <div style="text-indent: 0pt; display: block;"><br /></div> <div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">EMG Pipeline</font></div> <div style="text-indent: 0pt; display: block;"><br /></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">On October 23, 2011, initial gas supply to EMG, and subsequently to EMG's Israeli customers, which was interrupted on July 12, 2011 due to an alleged terror attack, resumed after the successful testing and commissioning procedures that started on October 21, 2011.</font></div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;">&nbsp;</div> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;"> <div style="text-align: justify; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">On November 10, 2011, there was an explosion along the Egyptian gas pipeline, approximately 20 kilometers (about 12 miles) west of EMG's site at El-Arish, due to an alleged terror attack. The pipeline is owned and operated by GASCO, the Egyptian gas transport company, which is a subsidiary of EGAS, the Egyptian national gas company (EMG's gas supplier).</font></font></div> <div style="text-indent: 0pt; display: block;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><br /></font></div> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">Following the explosion EGAS has initiated its standard shut down procedure affecting gas transportation throughout the Sinai area and gas supply to Jordan, Lebanon, Syria; to major Egyptian industries and gas consumers in the Sinai; and to EMG.</font></font></div> <div style="text-indent: 0pt; display: block; margin-left: 36pt; margin-right: 0pt;" align="left"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"> </font>&nbsp;</div> <div style="text-align: left; text-indent: 0pt; display: block; margin-left: 0pt; margin-right: 0pt;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt">The extent of the damage to GASCO's pipeline and the estimated repair period is unknown at this<font style="display: inline; font-size: 10pt;" class="_mt">&nbsp;</font>point. Neither EMG's site nor EMG's pipeline were damaged as the affected GASCO's pipeline is not a part of the EMG pipeline system.</font></font></div> <div style="text-indent: 0pt; display: block;"><font style="display: inline; font-family: Times New Roman; font-size: 10pt;" class="_mt"> </font>&nbsp;</div></div></div> -7109000 12620000 28763000 28763000 56134000 56134000 In thousands In thousands