Ormat Industries Ltd. · Ormat Technologies, Inc. (“Ormat Technologies”) and its subsidiaries. In 2004, the Company embarked upon the reorganization of the holding structure of

45 Years of Dependable, Economic Green Energy Solutions

Ormat Industries Ltd.2009 Annual Overview

45 Years of Dependable, Economic Green Energy Solutions 45 Years of Dependable, Economic Green Energy Solutions




Table of Contents

PAGE

Overview ............................................................................................................................ 1 Ormat Group Current worldwide portfolio Additional activities

Electricity Operations .......................................................................................................... 4 Geothermal Power Plants Recovered Energy Generation (“REG”)

Power Plants in Operation ................................................................................................... 5 Power Plants under Ownership

Growth Strategy ................................................................................................................. 6 Growth Plans

Our Product Business .......................................................................................................... 8

Ormat’s Proprietary Technology ........................................................................................... 9

Market Opportunity ............................................................................................................ 12

Competitive Strengths ......................................................................................................... 13

Geothermal Energy ............................................................................................................. 15 Geothermal Power Plant Technologies Binary System Flash Design System

Selected Financial Data ....................................................................................................... 17

2009 Directors’ Report (translated from Hebrew) ................................................................. 19

2009 Annual Report (translated from Hebrew) .................................................................... 55



Overview

Ormat Industries Ltd. (“the Company” or “Ormat Industries”), through its subsidiaries (“Ormat Group” or “the Group” or “we”), is a leading vertically integrated company engaged in the geothermal and recovered energy power business. We explore design, develop, build, own, and operate clean, environmentally friendly geothermal and recovered energy-based power plants, usually using equipment that we design and manufacture. Our geothermal power plants include both power plants that we have built and power plants that we have acquired, while all of our recovered energy-based plants have been constructed by us. We develop, build, own and operate geothermal and recovered energy-based power plants in the United States and geothermal power plants in other countries around the world and sell the electricity they generate. We also design, manufacture and sell equipment for geothermal and recovered energy-based electricity generation, remote power units and other power generating units and provide services relating to the engineering, procurement, construction, operation and maintenance of geothermal and recovered energy power plants to third parties.

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Disclaimer

Information provided in this report may contain statements relating to The Company and/or its subsidiaries current expectations, estimates, forecasts, and projections about future events that are “forward-looking statements” as defined in the Israeli Securities Law, 1968 (the “Securities Law”). These Forward looking statements include uncertain information regarding the future, including, among other things, forecasts, targets, estimates and projections, or other information regarding future events or matters, which realization is not certain and/or is not under The Company’s control. Forward looking statements may not realize, and actual results may differ materially from those projected, among other things, as a result of risk factors characterizing the Company's operations and other factors and uncertainties.

Forward looking statements do not constitute certain and proven information but rather they are merely based on management's subjective current estimation of future results or trends. Therefore, in spite the fact that management believes its expectations as presented in this report, are reasonable, the readers should be aware that The Company’s actual future results may differ materially from those estimates and projections. It should be noted that the Securities Law applies reduced liability rules with respect to forward-looking statements, under certain circumstances.

Forward-looking statements are usually identified specifically, or by phrases, such as “the Company expects”, “the Company estimates”, “the Company believes”, “The Company intends” and similar expressions. These forward-looking statements are based on the information known to The Company as of the date hereof. The Company does undertake no obligation to update or revise the forward-looking statements, whether as a result of new information which may become known to it, future events or otherwise.

20 MW Amatitlan Geothermal Power Plant, Guatemala 2007

22 MW OREG 2 Recovered Energy Generation Power Plant, USA 2009



Ormat Group

The Group’s activities started with Ormat Turbines (1965) Ltd. (“Ormat Turbines”), a private company established in 1965 by Lucien and Yehudit Bronicki for the purpose of developing and producing power systems for the production of electricity from various energy sources. Ormat Industries was incorporated in Israel as a public company on April 15, 1991.The assets and liabilities of Ormat Turbines were merged with those of the Company, effective as of January 1, 1992.

Initially the Ormat Group was engaged in the production and sale of power systems for the production of electricity. In the 1970’s, following the first world energy crisis, the Group commenced the development of solar electricity production systems, composed of solar ponds and electricity generating units. Power units developed for the solar pond technology were adapted for the production of electricity from geothermal and recovered energy resources.

In 1996, the Group changed its business strategy and started investing in owned power plants and the sale of electricity, in addition to the development, supply, construction and operation of power plants which, as stated above, had been its field of endeavor in the first half of the 1980’s.

In 2001, the Group commenced purchasing power plants, including plants constructed and/or manufactured by the Group, as well as by others.

Ownership and operation of the Group’s geothermal power plants is in the hands of the subsidiary Ormat Technologies, Inc. (“Ormat Technologies”) and its subsidiaries. In 2004, the Company embarked upon the reorganization of the holding structure of the Group. As part of the reorganization, effective July 1, 2004, the Company transferred the development, production and sales of energy-related products (including the employees engaged in those activities) to Ormat Systems Ltd. (“Ormat Systems”), a wholly owned subsidiary of Ormat Technologies.

Current worldwide portfolio

The map below shows our current worldwide portfolio of operating geothermal power plants and recovered energy plants, as well as countries in which we have geothermal and recovered energy-based power plants that are under construction and in development.

Additional activities

In 2006, Ormat industries entered the biodiesel field concentrating on the development of new feedstock from plants that do not compete with human food plants. We intend to continue our research and development activities in the biodiesel field and to examine various business opportunities in the area.

In addition, the Group has an approximately 5.1% interest in OPTI Canada Inc. (“OPTI Canada”), a Canadian corporation engaged in the upgrading of heavy crude oil based on a technological process developed by the Group. OPTI Canada shares are listed on the Toronto, Stock Exchange in Canada. The market value of the Group’s holdings in OPTI Canada as of December 31, 2009 was approximately $29.3 million. The technology is owned by the Group and licensed to OPTI Canada and Nexen, OPTI Canada joined venture partner, mainly for the Canadian market.

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5 MW Ormat solar pond power plant, Dead Sea, Israel - 1982

Ormat Technologies, Inc.NYSE: ORA

OPTI Technologies BV

Ormat Systems Ormat Navada Ormat International OPTI Canada, Inc.

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Ormat Industries Ltd.

OrFuel



Electricity Operations

Geothermal Power Plants

Ormat is a leader in the development of environmentally benign geothermal power plants that deliver clean, reliable, cost-effective and sustainable electricity. The Company’s geothermal power plants produce clean energy with low noise, a low visual profile, and nearly 100% fluid injection for minimal impact on the environment.

Ormat’s geothermal binary and combined cycle power plants are, adaptable and efficiently matched to the available geothermal resources, which may encompass: high enthalpy, high pressure steam fields; low-enthalpy, water-dominated sources; and resources with temperatures and chemistries that vary over time.

Recovered Energy Generation (“REG”)

Ormat specializes in one of the most cost-effective ways to develop additional generating capacity and contribute to a plant's energy efficiency, tapping otherwise unused or under-utilized energy, often with environmental benefits. The Company's repowering technologies enable power plants to increase output without any additional fuel expense.

3.5 MW OREG 4 –Peetz Power Plant, USA 2009

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10 MW Galena 2, Steamboat Complex, USA - 2007

Power Plants in Operation

The table below summarizes certain key non-financial information relating to our power plants as of February 28, 2010.

Power Plants under Ownership

Power Plants under Ownership (1) Location Generating Capacity in MW (2)

U S A

Geothermal

Ormesa Complex California 57.0

Heber Complex California 92.0

Mammoth Complex California 14.5 (3)

North Brawely (4) California 50.0

Steamboat Complex Nevada 85.0

Brady Complex Nevada 24.0

Puna Hawaii 30.0

REG

OREG 1 North and South Dakota 22.0

OREG 2 Montana, North Dakota and Minnesota 22.0

Peetz Colorado 3.5

Total for USA Power Plants under Ownership 400.0

R O W

Geothermal

Momotombo Nicaragua 26.0

Zunil Guatemala 24.0

Olkaria III Complex Kenya 48.0

Amatitlan Guatemala 20.0

Total for ROW Power Plants under Ownership 118.0

Total for Power Plants under Ownership 518.0

(1) We own and operate all but two of our power plants. Those exceptions are: the Momotombo power plant in Nicaragua, which we do not own but which we control and operate through a concession arrangement with the Nicaraguan government, and the Mammoth complex, in which we have a 50% ownership interest. A financial institution holds equity interests in one of our consolidated subsidiaries (OPC) that owns the Desert Peak 2 power plant in our Brady complex and the Steamboat Hills, Galena 2 and Galena 3 power plants in our Steamboat complex. In this chart, we show these power plants as being 100% owned because all of the generating capacity is owned by OPC and we control the operation of the power plants. The nature of the equity interests held by the financial institution is described in Item 7 under the heading “OPC Transaction”.

(2) References to generating capacity generally refer to the gross capacity less auxiliary power, in the case of all of our existing domestic power plants and the Momotombo, Amatitlan and Olkaria III power plants (three of our foreign power plants), and to the generating capacity that is subject to the “take or pay” power purchase agreements (“PPAs”) in the case of the Zunil power plant (one of our foreign power plants). We determine the generating capacity figures taking into account resource capabilities. This column represents our net ownership in such generating capacity.

In any given year, the actual power generation of a particular power plant may differ from that power plant’s generating capacity due to variations in ambient temperature, the availability of the resource, and operational issues affecting performance during that year. The capacity factor of the geothermal power plants in commercial operation in 2009 was 90%; the corresponding availability of the power generating facility was higher than 97%. The capacity factor of the REG power plants in 2009 was 40%; the corresponding availability of the power generating equipment was more than 93%.

(3) Represents our 50% ownership.

(4) The North Brawley power plant is operating at approximately 20 MW capacity due to injection challenges we are experiencing.



Growth Strategy

Ormat has experienced significant growth in recent years, through organic growth and acquisitions of geothermal power plants from third parties. Since 2002 we added approximately 378 MW of new capacity (net of projects we have transferred or sold) to a current portfolio of 518 MW* under ownership.

The Company plans to continue building a geographically balanced portfolio of geothermal and recovered energy assets, and to continue to be a leading manufacturer and provider of products and services related to sustainable energy. Ormat intends to implement this growth strategy through:

• Developmentofnewgeothermalresourcesbyenteringintonewleasesandexpandingour exploration activity• Developmentandconstructionofnewprojectsinregionswheretheregulatory,tax,and business environments encourage or provide incentives for such development• Developingrecoveredenergyprojectsandestablishingafirst-to-marketleadershippositionin North America that will leverage expansion into other markets worldwide• AcquisitionofnewgeothermalandothersustainableassetsthatmeettheCompany’s investment criteria• IncreasingoutputfromOrmat’sexistinggeothermalprojectsbyaddingadditionalgenerating capacity, upgrading plant technology, and improving geothermal reservoir operations, as well as improving methods of heat source supply and delivery• Increasingtechnologicalexpertisebyinvestinginresearchanddevelopmentofsustainable energy technologies• Continuingtoenterintolong-termcontractswithenergypurchasersthatwillprovidestable cash flows

Ormat is also considering various opportunities in the solar energy market in addition to its activity in R&D in the solar field.

*Including the 50 MW of North Brawley in California, which is currently operating at approximately 20 MW.

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Growth Plans

We are currently in various stages of development of new projects, construction of new power plants and expansion of existing power plants. Our growth plan includes approximately 260 MW in generating capacity from geothermal power plants and from recovered energy power plants in the United States that are expected to come on-line in the next four years.

We have various leases and concessions for geothermal resources of approximately 290,000 acres in 22 sites. We have started or plan to start exploration activity at a number of these sites.

In addition, we have approximately 55 MW of solar PV projects under development in Israel (including 36 MW in a joint venture with Sunday Energy).

Projects under Construction

P R O J E C T D E S C R I P T I O N C O M P L E T I O N E X P E C T E D

GRE Minnesota. Recovered energy generation power plant with a total generating capacity of 5.5 MW

Q2 2010

Puna Hawaii. Enhancement of the existing plant adding 8 MW generating capacity

2010

Jersey Valley -Phase I Nevada. First phase with a total generating capacity of 15 MW End 2010

East Brawley Imperial County, California. One plant with a generating capacity of 30 MW

TBD

McGinness Hills - Phase I Nevada. First phase with a total generating capacity of 30 MW 2012

Tuscarora - Phase I Nevada. First phase with a total generating capacity of 16 MW 2012

Carson Lake Nevada. One plant with a total generating capacity of 20 MW 2012

Projects under Development

Wister - Phase I California. First phase with a total generating capacity of 30 MW

2012/2013

Mammoth Phase II California. Enhancement of the existing plant adding 25 MW generating capacity (Ormat has 50% ownership in partnership with Constellation Energy Inc.)

2013

Olkaria III Expansion - Phase 3

Kenya. Expansion of the existing plants, adding 36 MW generating capacity in the third phase

2013

Sarulla Indonesia. Ormat is a member of a consortium in the process of developing 340 MW project. Ormat owns 12.75% interest in the consortium

TBD

PV Solar installations Israel. Have the rights for the development of eight projects that have a potential of approximately 55 MW of generating capacity. (Ormat has 70% ownership interest in the projects)

TBD

Information on the Group’s plans with respect to projects under construction or projects in the enhancement or development process, as shown in the above tables,

is forward looking and assumes that the completion of construction and the availability of geothermal resources and their capacity meet the projected timetables.

These plans may not be realized, and actual results may differ from those anticipated, if the underlying assumptions do not materialize, or in the event of a delay in

equipment deliveries, subcontractors’ work, including contractors engaged in the construction of new power plants, non-availability of adequate geothermal

resources as estimated based on initial tests, and delays in the drilling of wells due to a lack of adequate drilling equipment


45 Years of Dependable, Economic Green Energy Solutions 45 Years of Dependable, Economic Green Energy Solutions8 9

Our Product Business

We design, manufacture and sell products for electricity generation and provide the related services described below. Generally, we manufacture products only against customer orders and do not manufacture products for our own inventory.

Power Units for Geothermal Power Plants. We design, manufacture and sell power units for geothermal electricity generation, which we refer to as OECs. Our customers include contractors and geothermal power plant owners and operators.

Power Units for Recovered Energy-Based Power Generation. We design, manufacture and sell power units used to generate electricity from recovered energy, or so-called “waste heat.” This heat is generated as a residual by-product of gas turbine-driven compressor stations and a variety of industrial processes, such as cement manufacturing, and is not otherwise used for any purpose. Our existing and target customers include interstate natural gas pipeline owners and operators, gas processing plant owners and operators, cement plant owners and operators, and other companies engaged in other energy-intensive industrial processes.

EPC of Power Plants. We engineer, procure, and construct, as an EPC contractor, geothermal and recovered energy power plants on a turnkey basis, using power units we design and manufacture. Our customers are geothermal power plant owners as well as the same customers described above that we target for the sale of our power units for recovered energy-based power generation. Unlike many other companies that provide EPC services, we have an advantage in that we are using our own manufactured equipment and thus have better control over the timing and delivery of required equipment and its related costs.

Remote Power Units and Other Generators. We design, manufacture and sell fossil fuel powered turbo-generators with a capacity ranging between 200 watts and 5,000 watts, which operate unattended in extreme climate conditions, whether hot or cold. Our customers include contractors installing gas pipelines in remote areas. In addition, we design, manufacture, and sell generators for various other uses, including heavy duty direct-current generators.

Ormat’s Proprietary Technology

Our proprietary technology may be used in power plants operating according to the Organic Rankine Cycle only or in combination with, various other commonly used thermodynamic technologies that convert heat to mechanical power. It can be used with a variety of thermal energy sources, such as geothermal, recovered energy, biomass, solar energy and fossil fuels. Specifically, our technology involves original designs of turbines, pumps, and heat exchangers, as well as formulation of organic motive fluids. All of our motive fluids are non-ozone-depleting substances. Using advanced computerized fluid dynamics and other computer aided design software as well as our test facilities, we continuously seek to improve power plant components, reduce operations and maintenance costs, and increase the range of our equipment and applications. In particular, we are examining ways to increase the output of our plants by utilizing evaporative cooling, cold reinjection, performance simulation programs, and topping turbines. In the geothermal as well as the recovered energy (waste heat) areas, we are examining two-level recovered energy systems and new motive fluids.

100 MW Mokai, New Zealand



We also construct combined cycle geothermal power plants in which the steam first produces power in a backpressure steam turbine and is subsequently condensed in a vaporizer of a binary plant, which produces additional power. Our combined cycle technology is depicted in the graphic below.

In the conversion of geothermal energy into electricity, our technology has a number of advantages compared with conventional geothermal steam turbine plants. A conventional geothermal steam turbine plant consumes significant quantities of water, causing depletion of the aquifer, and also requires cooling water treatment with chemicals and thus a need for the disposal of such chemicals. A conventional geothermal steam turbine plant also creates a significant visual impact in the form of an emitted plume from the cooling tower during cold weather. By contrast, our binary and combined cycle geothermal power plants have a low profile with minimum visual impact and do not emit a plume when they use air cooled condensers. Our binary and combined cycle geothermal power plants reinject all of the geothermal fluids utilized in the respective processes into the geothermal reservoir. Consequently, such processes generally have no emissions.

Other advantages of our technology include simplicity of operation and easy maintenance, low round per minute, temperature and pressure in the OEC, a high efficiency turbine, and the fact that there is no contact between the turbine itself and often corrosive geothermal fluids.

We use the same elements of our technology in our recovered energy products. The heat source may be exhaust gases from a simple cycle gas turbine, low pressure steam, or medium temperature liquid found in the process industry. In most cases, we attach an additional heat exchanger in which we circulate thermal oil to transfer the heat into the OEC’s own vaporizer in order to provide greater operational flexibility and control. Once this stage of each recovery is completed, the rest of the operation is identical to the OEC used in our geothermal power plants. The same advantages of using the Organic Rankine Cycle apply here as well. In addition, our technology allows for better load following than conventional steam turbines exhibit, requires no water treatment as it is air cooled, and does not require the continuous presence of a steam licensed operator on site.

Ormat is also developing an Ormat Energy Converter (“OEC”) unit for a REG plant designed to exploit the “cold potential” in an LNG Regasification terminals

Our REG technology is depicted in the graphic below.



Market Opportunity

Geothermal Power

Geothermal energy is a sustainable power source derived from heat deep in the earth’s crust. Used as a source of direct heat and electrical power generation in over 39 countries, this established and environmentally sound energy resource currently provides the world electric power generation capacity of over 10,000 MW, or roughly enough electricity to power between 10 and 12 million average homes*. As global demand increases and nations move toward cleaner, more cost-effective energy sources, the market opportunity for Ormat’s technology becomes greater. Renewable energy-based electricity generation is expected to grow significantly with the implementation of Renewable Portfolio Standards and the provisions under the American Recover and Reinvestment Act (“ARRA” or the “Stimulus Act”) in the U.S. and internationally.

Outside the United States, power generation has historically been owned and controlled by governments. Over the past two decades, the gradual privatization of this industry in many countries has encouraged new capacity development and/or refurbishment of existing assets by independent power developers. Additionally, many governments now actively encourage the development of competitive power markets and routinely award long-term contracts to independent power generators. As the trend toward clean energy grows, many countries are adopting active governmental programs designed to encourage clean, renewable energy power generation.

Recovered Energy Generation (“REG”)

The environmental benefits of recovered energy-based power generation have been recognized in several U.S. states, representing another market opportunity for the Company. Ormat estimates that in North America alone, there is potential of approximately 1,000 MW for recovered energy-based generation. In recovered energy generation, the Company believes it has a competitive advantage in terms of proprietary technology, experience, and unit size.

*Source: GEA & Earth Policy Institute

Competitive Strengths

Competitive Assets

Our assets are competitive for the following reasons:

• ContractedGeneration. Virtually all of the electricity generated by our geothermal power plants is currently sold pursuant to long-term PPAs, providing generally predictable cash flows.

• BaseloadGeneration. All of our geothermal power plants supply all or a part of the baseload capacity of the electric system in their respective markets. This means they supply electric power on an around-the-clock basis. We have a competitive advantage over other renewable energy sources, such as wind power, solar power or hydro-electric power (to the extent dependent on precipitation), which compete with us to meet electric utilities’ renewable portfolio requirements but which cannot serve baseload capacity because of their weather dependence and thus intermittent nature of these other renewable energy sources.

• CompetitivePricing. Geothermal power plants, while site specific, are economically feasible to develop, construct, own, and operate in many locations, and the electricity they generate is generally price competitive compared to electricity generated from fossil fuels or other renewable sources under existing economic conditions and existing tax and regulatory regimes.

• AbilitytoFinanceOurActivitiesfromInternallyGeneratedCashFlow. The cash flow generated by our portfolio of operating geothermal and REG power plants provides us with a robust and predictable base for our exploration, development, and construction activities, to a certain level, without the need to tap into external liquidity sources. We believe that this gives us a competitive advantage over certain competitors whose activities are dependent on external credit and financing sources, particularly in light of the current global credit and financial crisis.

• GrowingLegislativeDemandforEnvironmentally-FriendlyRenewableResourceAssets. Most of our currently operating power plants produce electricity from geothermal energy sources. The clean and sustainable characteristics of geothermal energy give us a competitive advantage over fossil fuel-based electricity generation as countries increasingly seek to balance environmental concerns with demands for reliable sources of electricity.



• HighEfficiencyfromVerticalIntegration.

• Unlikeourcompetitorsinthegeothermalindustry,weareafully-integratedgeothermal equipment, services, and power provider. We design, develop, and manufacture most of the equipment we use in our geothermal and REG power plants. Our intimate knowledge of the equipment that we use in our operations allows us to operate and maintain our power plants efficiently and to respond to operational issues in a timely and cost-efficient manner. Moreover, given the efficient communications among our subsidiary that designs and manufactures the products we use in our operations and our subsidiaries that own and operate our power plants, we are able to quickly and cost effectively identify and repair mechanical issues and to have technical assistance and replacement parts available to us as and when needed.

• Wedesign,manufacture,andselltothirdpartiespowerunitsandotherpowergenerating equipment for geothermal and recovered energy-based electricity generation. Our extensive experience in the development of state-of-the-art, environmentally sound power solutions enable our customers to relatively easily finance their power plants.

• ExplorationandDrillingCapabilities. We have in-house capabilities to explore and develop geothermal resources. In 2007, we established a drilling subsidiary that currently owns four drilling rigs. We employ an experienced resource group that includes engineers, geologists, and drillers. This resource group executes our exploration and drilling plans for projects that we develop.

• HighlyExperiencedManagementTeam. We have a highly qualified senior management team with extensive experience in the geothermal power sector. Key members of our senior management team have worked in the power industry for most of their careers and average over 25 years of industry experience.

• TechnologicalInnovation. We have been granted more than 75 U.S. patents relating to various processes and renewable resource technologies. All of our patents are internally developed and therefore costs related thereto are expensed as incurred. Our ability to draw upon internal resources from various disciplines related to the geothermal power sector, such as geological expertise relating to reservoir management, and equipment engineering relating to power units, allows us to be innovative in creating new technologies and technological solutions.

• NoExposuretoFuelPriceRisk. A geothermal power plant does not need to purchase fuel (such as coal, natural gas, or fuel oil) in order to generate electricity. Thus, once the geothermal reservoir has been identified and estimated to be sufficient for use in a geothermal power plant and the drilling of wells is complete, the plant is not exposed to fuel price or fuel delivery risk apart from the impact fuel prices may have on the price at which we sell power under PPAs that are based on the relevant power purchaser’s avoided costs.

Geothermal Energy

Most of our power plants in operation produce electricity from geothermal energy. There are several different sources or methods to obtain geothermal energy, which are described below.

Hydrothermalgeothermal-electricitygeneration- Hydrothermal geothermal energy is derived from naturally occurring hydrothermal reservoirs that are formed when water comes sufficiently close to hot rock to heat the water to temperatures of 300 degrees Fahrenheit or more. The heated water then ascends toward the surface of the earth where, if geological conditions are suitable for its commercial extraction, it can be extracted by drilling geothermal wells. The energy necessary to operate a geothermal power plant is typically obtained from several such wells which are drilled using established technology that is in some respects similar to that employed in the oil and gas industry. Geothermal production wells are normally located within approximately one to two miles of the power plant as geothermal fluids cannot be transported economically over longer distances due to heat and pressure loss. The geothermal reservoir is a renewable source of energy if natural ground water sources and reinjection of extracted geothermal fluids are adequate over the long-term to replenish the geothermal reservoir following the withdrawal of geothermal fluids and if the well field is properly operated. Geothermal energy power plants typically have higher capital costs (primarily as a result of the costs attributable to well field development) but tend to have significantly lower variable operating costs (principally consisting of maintenance expenditures) than fossil fuel-fired power plants that require ongoing fuel expenses. In addition, because geothermal energy power plants produce 24hr/day weather independent power, the variable operating costs are lower.

EGS - An EGS has been broadly defined as a subsurface system that may be artificially created to extract heat from hot rock where the characteristics required for a hydrothermal system, i.e., permeability and aquifers, are non-existent. A geothermal power plant that uses EGS techniques would recover the thermal energy from the subsurface rocks by creating or accessing a system of open fractures in the rock through which water can be injected, heated through contact with the hot rock, returned to the surface in production wells and transferred to a power unit.

Co-produced Geothermal from Oil and Gas fields, geo-pressurized resources - Another source of geothermal energy is hot water produced from oil and gas production. This application is referred to as “Co-produced Fluids”. In some oil and gas fields, water is produced as a by-product of the oil and gas extraction. When the wells are deep the fluids are often at high temperatures and if the water volume is significant, the hot water can be used for power generation in equipment similar to a geothermal power plant.



Geothermal Power Plant Technologies

Geothermal power plants generally employ either binary systems or conventional flash design systems, as described below. In our geothermal power plants, we also employ our proprietary technology of combined geothermal cycle systems.

Binary System

In a geothermal power plant using a binary system, geothermal fluid, either hot water (also called brine) or steam or both, is extracted from the underground reservoir and flows from the wellhead through a gathering system of insulated steel pipelines to a heat exchanger, which heats a secondary working fluid which has a low boiling point. This is typically an organic fluid, such as isopentane or isobutene, which is vaporized and is used to drive the turbine. The organic fluid is then condensed in a condenser which may be cooled by air or by water from a cooling tower. The condensed fluid is then recycled back to the heat exchanger, closing the cycle within the sealed system. The cooled geothermal fluid is then reinjected back into the reservoir (see diagram on page 9).

Flash Design System

In a geothermal power plant using flash design, geothermal fluid is extracted from the underground reservoir and flows from the wellhead through a gathering system of insulated steel pipelines to flash tanks and/or separators. There, the steam is separated from the brine and is sent to a demister in the plant, where any remaining water droplets are removed. This produces a stream of dry saturated steam, which drives a turbine generator to produce electricity. In some cases, the brine at the outlet of the separator is flashed a second time (dual flash), providing additional steam at lower pressure used in the low pressure section of the steam turbine to produce additional electricity. Steam exhausted from the steam turbine is condensed in a surface or direct contact condenser cooled by cold water from a cooling tower. The non-condensable gases (such as carbon dioxide) are removed through the removal system in order to optimize the performance of the steam turbines. The condensate is used to provide make-up water for the cooling tower. The hot brine remaining after separation of steam is injected back into the geothermal resource through a series of injection wells. The flash technology is depicted in the graphic below.

In some instances, the wells directly produce dry steam (the flashing occurring underground). In such cases, the steam is fed directly to the steam turbine and the rest of the system is similar to the flash power plant described above.

Selected Financial Data

Key Statistics (March 14, 2010)

Exchange: TASE

Ticker: ORMT

Price: 29.914 NIS ($7.977)

Market Cap: 3.59 NIS billion ($957.5 million)

52 Wk Range: 36.30- 27.69 NIS ($9.68-$7.384)

Shares Out: 118.7 million

Float: 74.8 million shares

Year-end: December 31

(Currency exchange rate: 3.75 NIS)The float includes 15.2% Gazit Inc holdings and 6.6% Institutional holdings

Financial Data

2009 2008* 2009 Revenues Breakdown

Total Revs: $435,511 $344,833

Operating Income: $79,542 $41,880

Net income: $82,591 $47,057

Net income**: $52,869 $30,406

Avg. Shares: 116.5 116.2

EPS**(diluted): 0.45 0.26

* After retroactive implementation of accounting treatment.** Attributable to the equity holders of the Company

2009 Revenues Breakdown

CAGR 2007-2009: 18%

* The above information regarding future revenues from power purchases agreements is a forward-looking statement, based on the assumption that the power plants will operate at their average capacity, that oil prices will remain constant, according to the assumptions listed above, and that the Group will meet the timetables for the completion of projects under construction. The projected revenues may not be realized, and actual revenues may differ from those anticipated, if the underlying assumptions do not materialize, or in the event of a delay in completion of the new projects.

Net Income Net Income attributable to equity holders of the Company

+36 MM (76%) +23 MM (74%)

In millions of USD*After retroactive implementation of accounting treatment

1% 62%

63%

37%

37%

Float

BronickiInvestments

Electricity

Pruducts

Royalties

Electricity

Pruducts

Royalties

75-85

80

227

$307

2007

284-294

$359-$379

92

262

$354

2008 Revenues Guidance for 2010*

159

266

$431

2009

6

YE 2008*

$47

YE 2008*

$30

YE 2009

$83

YE 2009

$53



Ormat Industries Ltd.2009 Directors’ Report

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Ormat Industries Ltd.(An Israeli Corporation)

2009 Annual Report

Translated from Hebrew

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Kesselman & Kesselman is a member of PricewaterhouseCoopers International Limited, a company limited by guarantee registered in England and Wales.

56 57

57

58 - 59

60

61

62 - 63

64 - 66

67 - 166



3

nsraeliorporation

NNFFNNN

asandcaseuivalents 5a 81,342 50,019 60,245estricteddeposits 5b 40,955 24,439 13,017Financialassetsavailableorsale 6 76,094 143,697Financialassetatairvaluetrouproitandloss 6 85,339 ccountsreceivable 7

rade 54,853 51,548 48,064ncometaesreceivable 5,904 *9,091 *2,160ter 20,725 *32,034 *16,733

eceivablesinrespectouncompleted ontracts 8 14,640 6,982 3,608

nventories 9 15,486 13,724 10,312otalcurrentassets 319,244 263,931 297,836

Noncurrentassets

Financialassetsavailableorsale 6 37,949 203,657Financialassetsatairvaluetrouproitandloss 6 47,124 repaidepensesinrespectooperatin

lease 12 6,305 6,751 7,017nvestmentinanassociatedcompan 10 1,529 oerplantsandoteriedassets 11 *1,519,861 *1,364,926 996,024roectsundereplorationanddevelopment 11b 33,617 **34,958 **24,440ntanibleassets 13 44,794 47,334 50,097Noncurrentreceivables 14 2,637 7,830 4,000eerredincometaes 15 35,365 21,544 18,538

otalnoncurrentassets 1,691,232 1,521,292 1,303,773 2,010,476 1,785,223 1,601,609

*eclassiied**terretroactiveimplementationoaccountintreatment,seeNote2

ateoapprovaloteinancialstatementsbteompansoardoirectorsarc14,2010

4

Currentturtesoeentures, notesnonterons 16 52,241 26,761 57,975

ccountsenccrus 17 re 46,743 82,873 61,993ncoetese 7,566 4,488 *8,937ccrueeenses 1,247 *1,740 *831Custoersnces 6,511 *3,023 *1,213ter 17,855 *15,254 *12,608

esnresectouncoete contrcts 8 3,351 15,670 4,818

otcurrenttes 135,514 149,809 148,375

roectnncnsenorsecurenotesnonrecourse) 16 224,525 243,354 263,714Furecoursencret 16 134,000 100,000 Furecourseonronn

nsttutonnestors

16 76,870 roectnncnonsnonrecoursen

terecourse) 16 121,971 7,814 14,490tnresectotrtners 22 76,275 117,245 65,312eerreesencoe 18 72,867 74,427 76,198eerrencoetes 15 34,886 **25,549 47,877etreentenetotons,net 19 1,542 1,662 885rosonsnotertes 20 38,007 52,372 30,405

otontertes 780,943 622,423 498,881 916,457 772,232 647,256

utoersoterentCon 24 rnrsres 38,374 38,306 38,277tonnct 162,433 161,429 161,081terctsurus 9,126 5,582 79,476etneernns 486,730 **439,215 414,937esscostoConsres

esusr 2,826) 2,826) 2,826)oteutoteeutoersote

rentCon

693,837 641,706 690,945nortnterestneut 400,182 **371,285 263,408

11,094,019 11,012,991 954,353 2,010,476 1,785,223 1,601,609

*ecsse**terretrocteeenttonoccountntretent,seeote2

58 59



5

(nsraeirratin)

R

Revenues 25a 431,511 354,421 307,044strevenues 25 300,451 248,678 221,989 131,060 105,743 85,055Researaneveenteensesnet 26 (10,542) )4,661( )4,697( einanaretineenses 27 (14,584) )10,885( (10,645)eneraanainistrativeeenses 27 (30,430) )29,666( (23,430)Writeunsuessueratinativities (2,367) **(9,828) airentaerant (9,400) ainniutininvestentinsusiiar 56,963 46,302terains(sses)net

nissaaniairentinvaue avaiaersaeinaniaassets 6 8,834 )66,980( (6,245)

ter 28 6,971 1,194 11,929

79,542 41,880 98,269ainretinuisentiaiit 14,433 inaniaeenses 29 (17,299) )11,858( (28,551)

neereinetaes 76,676 30,022 69,718netaeneit 15e 5,915 **17,035 4,372

82,591 47,057 74,090

uiterstearentan 52,869 **30,406 62,898inritinterest 29,722 **16,651 11,192

ta 82,591 47,057 74,090

30 asi 0.45 0.26** 0.54uiute 0.45 0.26** 0.53

*Reassiie**terretrativeieentatinauntintreatent,seete2.

6

()

82,591 47,057** 74,090

77,966( ) )3,617(

843 )888(

() 264 (161) 154

1,107 (79,015) (3,463) (254) (293) (326)

2,492 (254) 2,199 (326)

853 (76,816) (3,789) 83,444 (29,759) 70,301

53,346 )45,874**( 59,167 30,098 **16,115 11.134 83,444 (29,759) 70,301

**,2.

60 61



7

7

77

7

7

7

7

7

77

7

77

7

7

7

77

77

7

7

7

7

77

8

383

11453

85 5

43158

41737185

111

144

4735317

5334

3883444

814

17

17

315

315

545757

55

55

55

14

14

485

485

38374

14338438

7157

48738

3837418

141

62 63



9

()

76,676 30,022 69,718

()()

(8,834) 66,980 6,245 (14,433)

(4,851) (9,612) (12,773) 7,214 6,510 2,430 7,551 5,562 24,156, 144 615 703 54,920 63,577 66,374 9,400 2,367 9,828 2,469 2,354 1,318 1,354, (2,685) (2,685) (2,685) (56,963) (46,302) (423) 1,125 914 5,757 4,444 3,563

150,628 120,087 101,329

() (3,570) 155 (7,875) 9,018 (16,447) 4,905

() (8,842) 6,849 5,029 (493) 909 323 827 7,451 (7,227)

()

(19,970) 7,478 6,623

(1,762) (3,412) (2,909) (24,792) 2,983 (1,131) 4,899 9,612 12,773 (3,773) (41,735)() (9,420) (6,397) (19,157) 121,315 122,512 52,079

,2

10

(tied)2

(raeirrati)

121,315 122,512 52,079 trctieratadaciititeriedaet (274,521) (421,634) (210,983)rceedraeiedaet 620 ciitiitaieaet (739) (594) (1,152)reaideeeireecteratieae (1,700)rceedraeaaiaeraeiaciaaet 93,258 154,187 376,426rcaeaaiaeraeiaciaaet (102,894) (90,463) (348,621)ecreae(creae)iadeit 6,000 (6,400) ecreae(icreae)iretricteddeit (16,516) (11,422) 26,475etetiaaiiatedcay (259) etcaediietiactiitie (295,671) (375,706) (159,555)

rceedreerciecertieecritie 1,072 377 5,433aitaraiedrirityyaidiary 1,242 150,409 137,987reditreceiedraadtercreditratiititti 1,389,500 100,000 eayetaraadtercreditratiititti (1,151,718) )34,184( (53,347)tiietiaiity (18,500) edetideetre )24,111( (24,113)etrceedrtaarteri 63,029 69,200iidedaid (5,502) )6,038( (15,754)ciitiidiary’te )1,321( rceedraeaderiatie 251eerredcreditct (5,562) (1,293) iidedaidtteirityiaidiary (4,985) (3,822) (5,108)etcaridedyiaciactiitie 205,547 243,046 114,549

31,191 (10,148) 7,073

50,019 60,245 53,172

132 (78)

81,342 50,019 60,245

64 65



11

c

aa

a. acb1acaaa

aaa1a1cc.acaaa

b. acb1acbba

aa1a1caaac.

c. aabaacaaa

caaabacb1aacaaa1a1acb1ac.

12

1

2

1

66 67



13

31111113

1

1

(nooton)

()

14

(cont.)

ctooccontntoccontoctonoto.cotonctontottntntntntncotttocntttonocotctttttotcton.nttcntncontnnttnncontonntttttctontctottntonnotntt.cotcotoctonototontntnttccooo.ntcontnctonncnnnontnctontnoconnt.noontntcctncnctnntnotttn.ccontnoconcnnctoncontncttocottootooconoton.

) notnttntnctontnotntt

notnttontttontnotnttntntonttntottoctonntnntotntoto.nctontnotntttttnctontttntoto.nnotnoootonotocontttntooton.cooonotntttnooctnctntcontonntntotcnonttotcto.

) ontnt

onttnontcontonttccontoootontconoton.ocontotontntnnconntntncoonnnttntonncttnt.ocontotononooontottototontntttttttototnt.oonotcontnottttocototontntntttottonnnntt.ooonctnctonconttooncoctonntntocnttonnto.

4) octcon

noctconconnctoncntnnctcnototnontnt.ncntnncntototctntncontnntotnncnotnocotnttonotcontttcontooontconto.tncnctootntotntttcntco

68 69



(nooton)

()

15

(cont.)contconnnttoncntnncnnotntt.onotctonotooooctconctoncontnotctoncnnctctoct.totctoncnctotoootntnt.ntnttttotnoonoctcontootntotttn(ncnncc)toonotcononcotcototntntncoctconntottoconcotntntntoctcon.ntcontnctonncnnnontnctontntontoctconntootonttotoontn.noontntcctncnctnntnotttn.ccontnocooctconncnnctoncontncttocotto.nooontonoonnoctconctonco.

nntotontttotoontnotntotcctconoto.oot.

1) nctonnnttoncnc

tncntnncttntocotoconntcncotconocnonntnctnttot(ttnctonnc).otnctonncotonnootocon.oototncncoto.nncttntoconcotnnonocnctntoconotonontototncncotono.

) nctonnnc

nctonncncntotnctonnc(ntonnc)tntntotnctonncntcntntttottncton.oncnnnotnotttntoctnctonnottntonttnoocntoonttntnontnonncconntttntootonctnnctotnconnntonntnt.

(nooton)

()

16

(cont.)

tccontnttntotntonnctnntonnctntot.o.

)ntononncttntoocon

tnnncotonotontt(nonoctcncontoncono)onctonncntototncnctntntototncncoo

() tntocttntonncotonnt(ncn

tntnntntntonctonoonoton)tntttconttttottttntonncoton

()nnnocttntootontnttcnt(ntnotonotonotctctottnonttnctontnccnconntnttttonttottncton)n

(c) tncnncconttcoonnt.

nconotoncnncnottntonotntntntnonotontntot.nonotonootocnncttcontconntttntootontotctnooont.

otntnntntcontcotoctonntonntnt.otocontctonoontncctnncnotocoton(ooto)contctonnnnnntttntocooncotnctoontonnctcontctontttontctcotontntnttntontttotoconton.ntcotncntcnontottoconttotonntotttconocntocttttototontcotottcn.ntontctcnontcon.otnntnncnnnc.

ontnototntnnttttcotntocctctonnnto.ctonnntconotntnnttttcotctonco.

ontctntttntoottt().

70 71



(nooton)

()

17

(cont.)

ctononottcctntttntootontcotonttototttoo

n 1cnncotnt 1c ntttnnnt 11

oontotntttntoottotntotctotontcot.

nottntot.

nntnontocctttnonttotcoot.o.nnoonotncontocttcnontncontnotn(o)ntntttntooton.

octcotncnconnctonttotonnontootocnnnntcnttototntotoc.otocnnttonntntttnconocotooonttnntntnnttttototontntnoccontototco.otncotocnntn.ccotnottnnottnc1n7ct.tnotontotootnnnoctotonotcotoctotttonotnoctonntoccoc.

notctootntttoconctotontnotononnontonnntot..tntotnto(t)ottott.ncontonoctnottonontnonnonntccoonntotcottoc.ontnonnonntnottcotcctnncncontctonnoc.oncotonocontctonnconcntootonoonttootcotcntoctctntoton.cotntocoto.ncnttototntotocctootonctttotcoctotoc.cctt

(nooton)

()

18

(cont.)nconottnconctnnotnotnnntctnccotontnotoncncttntonoo.nctotoncttcottontnttotcoctototoc.tootconcontttotocotcoconttconttococtotctononctonoot(octon).cotoccttncnctooncotctnncntttntonncotonotocotonnton.oncnttnncttnttttoctctcotocntotooconoctton.cconntonctoconctttotocontcontctonoontcotttoctnctototoccootocotonntonntttntonncotontoontncontcton.ntnttttoconctttotoconotnttcontctonoontnotononttcotttoctctoncotoocotonccotoncttntoncttcontn.totcnntccontnttntootocotonntonnttoctctntcttoont8nncttnto.ctotonntoncotncnonontotncttttoontctotottntconcntttoncttotonttntcotno.otontontcnconcotonntnnnto.

otttotoccontoototonntoncotonnonttnnccontntottnoototcottontonnt.ntttotontconoctocontctnontnoccontnnotococtcotocotnonnconton.ccontonnconottnoocnconocttntnoonntnotonotnttocontctntt(totonntonotocttococ).nnnonttcontntoootocnttotntotttnctotonntoncttcot.otncntcoocctt(ccotonttontonotctcot)ttononttcttotttttocotoccontottontotonntoncttnottctncttcncncoctcoontt.cotonntoncotnctcttononttnntotonctootonontt.

72 73



(nooton)

()

19

(cont.)

oncnttnncttnttocntccontnttntootonntoncottooctocttoco.nttootonntoncotnntonctootonontccoc(tnctononnnntontt).

cnoccontnocotttntctonot..ctncnoon(tt)totocotconotnncttntottcnoocottnt9n1.tcnootontotoccn(t)..cootonnotncconctccontnncncctnt(t).oontcnoontcttotttnncttnttotoctcotooctttnnotconocntoctntonntocntccontnttntoccototontttotottntocotoctnnntotccotto.

nonotttt1tcttctonotcottocotcttotctonto.ntononottttocnntonntttoctoono1..cnnntonctt.nctontttototcottotttoctcoctonottcnoonncttntottnt.

tcnooototonntoncttctcntctttcttonconotnncttnt.ttonoctontnoncontntccontnocnnncotnootcontctcnnotontot(cnnntnton)nncotntn.ntonononnttononoccontnocntcntonootnncttntnnnt..ncttotonoconoccontctnntototctt.

otontconotnncttntnconott.ntncocootncntccontnttntoototonntonntnnnottntonotccontnoctnottcotonoonotontoccnctnc.

(nooton)

()

20

(cont.)onctntnttotcottonootocottoctotcccctncootctt.ntontontccontnoconocntoncconnntotnt.oconcotnoconttoottontonotoccnotnntcncnttnntntontnnntnntntn.

oncottotto(notocotontonttnccotonttoc)ntonontconnnotcttnnotonootocttnototcotno.

ttnot2.oconcnnttto200tonnncconot.totntntonnncotntnotonontononoc(t).ttotccontnttntootonntoncotnotootctt(n0otco).

tnntttoonccontnocootonntontttntootnttonntttonttttcontntotccontnocttototonototccconntntoto.

ttotontnttttttontocontnttoccontnococtnotonntoncotontontt.nctnntoccontccontnocconncntootnntonotonontttccontnocntttottto200onnnttoono.

ttontontnnoccontnocntoocontntnotontontonotnncttntnnnt..notcnotcnoontnncttntnnconott..ntnntocconttttonotoncttcottcnootonctocntccontnttntootonntoncotttoctctnconottntntonnncotntnccontnocnn.ccontnttno(t)tottnttcnoocnttotccottocoon(nntc).

74 75



(nooton)

()

21

(cont.)6tcnntccontnttntootonntoncotccnctnncttnttoontotootnconocconnotnt,octnncttnttoototntncoco.notottcn,nntttotttcntnncttntcototo,ttnottocconctco.ntonnccontnootonntoncotontotocttnonttccontnoccototto.oo,tontttcnntccontnttntootonntoncotototnncttntnoton,cnconont.octnccontnococctnntctntocotoctotoootntnttontont(cttonocot).totcn,tnncttnttocttoncotocntnotncoc.

ntoto,concnttnnnncttnt,toncttocntccontnttntootonntoncotontonnttotoonontttotooncoctnt.cnnntnt2009conotnncttntttoctct.tnoctontconotnncttntoc31,2007nottnn.ctotcnontconotnncttntoc31,2008nottnnoo

otocotonn toncot 44,786 )9,828( 34,958

1,795,051 )9,828( 1,785,223

ncot 29,153 (3,604) 25,549

t 442,708 )3,493( 439,215 notnttnt 374,016 )2,731( 371,285

1,019,215 )6,224( 1,012,991 1,795,051 )9,828( 1,785,223

(nooton)

()

22

(cont.)

toonccot

otonntonctt , )9,828( )9,828( 51,708 (9,828) 41,880tnco 39,850 )9,828( 30,022 nt 13,431 3,604 17,035 53,281 )6,224( 47,057

tooton 33,899 )3,493( 30,406 notntt 19,382 )2,731( 16,651

53,281 )6,224( 47,057 tnntttto

tooton cnt 0.29 (0.03) 0.26

tncoot 53,281 )6,224( 47,057 )23,535( )6,224( )29,759(

tooton )42,381( )3,493( )45,874( notntt 18,846 )2,731( 16,115

)23,535( )6,224( )29,759(

76 77



(nooton)

()

23

(cont.)ctotccontncnntttconontconotnncttntoc31,2009nottnnoo

otocotonn toncot 35,984 )2,367( 33,617

2,012,843 )2,367( 2,010,476

ncot 35,714 )828( 34,886

t 487,592 )862( 486,730 notnttnt 400,859 )677( 400,182

1,095,558 )1,539( 1,094,019 2,012,843 )2,367( 2,010,476

toonccot

otonntonctt , )2,367( )2,367( 81,909 )2,367( 79,542 tnco 79,043 )2,367( 76,676 nt 5,087 828 5,915 84,130 )1,539( 82,591

tooton 53,731 )862( 52,869 notntt 30,399 )677( 29,722

84,130 )1,539( 82,591 tnntttto

tooton cnt 0.46 )0.01( 0.45

(nooton)

(.)

24

(cont.)

tncoot 84,130 )1,539( 82,591 84,983 )1,539( 83,444

tooton 54,208 )862( 53,346 notntt 30,775 )677( 30,098

84,983 )1,539( 83,444

1) ocnt

ocnt(t)nttontonoctonoctoncot,ottttontcto,notottotnt(1225),ntttnto.

2) tntnt

ntntottonotntnttttootctonnctotottcnoocnoctonnoo,nnnc.ntnct,ttttton.

3) otot

ccototcnctontotcotnctocnntotccot.cotototttoccn(tto),ntttnto.

4) cnont

cntnnc.otncnctoontoct(tntotnnttnonoooct)on,nc,tttocoton,tctnnntntonccontntn38,ntnt,ocontonntnot.

78 79



(nooton)

(.)

25

(cont.)ttnoccntotttotntntntottontot.ncntcnnncttntoct.nntnontocctttnonttotcoot2.o.

tttcttoottonontnntocnncctncncttttcnontnotco.ctoccotntnconotncntnoncoocttnoncoontncntcnntootontonttntntoconoctntntonttnotonoctnototcocotonncntncncotnctocotocttc.otoonnttottotocttntco(cntnnt).ntctctntcontoontcocnctottncntnnt.ototnontnconnconotonnntntoncntcontooottcontootontncononntnncottcotontnco.ttcoonnttnconotnnntotcoootnttntco.onottontotnntcnototcooctncontctonootonntoncnot2.o.nntoconotontctcnontontctcoont.coonttoontcottontn.ononttnctocntoconoootnttcotnt.ncoonotcnontonttottttntncontcocttonttt.ncnttonttnttnnconttconc()octntncctotontocooontnttocntctn()octotnnotntontoco.

ooncotncotcontctononntctntoottttocotnttotntn.onctooncottnntotcontctononnonttotonoo.tooncotn.

(nooton)

(.)

26

(cont.)

onntntcontttonnctttntcntocotttcconton.onntnttntocotnconntttntootonotonctotctttcotoctntntocont.onntntnctootntnntctotcototttntccontnconnncoocctoncotttotot.

octotonontntonnncotntnnncntnt(t)no2totoctotntntonccontntnott(t)nttotccontnttntonncntntnnttocntntonccontntnonncntntcontonnnt(t).onctc2tntctonto.onnttctnnctntotoottttotcotntttt.cctonontnott.ctonototcotocottcttoctoctotnttnotootnncttococttcontctco(ncnntt)tt.otnnctccontontoc.ttttotntconttttonotnctoncotntttotcot(ntctnttto)ntonntoon.ttttntcontntntnnto.ctoncotntntctoncoonoccnc.nncntntconntnttnttocconcttootnntoooonnntnto.otonotocctonnctncctnc.onottnntototon.

80 81



(nooton)

(.)

27

(cont.)ontoctotnnno2ontotttntttntotntoc2.otototonotontncconctnnctonntcontonntotoonctonnctttootooonncnonnct.cctonnontooctnnctc.totcctononnctoc2toctntntnonnct(nctot)nnctt.cctonnocttoontonnncon2nctnotntoonnctoc2cnottnctonco.oontotonotnccontnocntnc2tntnctonnctncntntntotooccttonco.tncontononcon2ntonto7otntootcntt.ctonntnnttttoonocntotnc2cootcnt.cctonnotcttnttonnntotocttootoo(ntntntctotttt)nootoconnccontc(cnctottttotcot).ttotnttotcotoocn2ontottotttntonncotonnttttttnotntocntoncntttntonncotononnoncnttntotnnctntcntt.oonnotonnntnnttononnctotootono) nnctttootoo

ctoncontot2.o.2) onnc

onncnontnncttotnntttnototnnctt.cttotcot.otononotctttttntnncttnt.

(neooton)

TTTTTT(T.)

28

(cont.)

) eoenncet

eoenncetenonetethteetheententhcteoonotcennotheothecteoe.Theencennoncentetneneentntentooeothenetentthn2onthotheteothetteentonncoton.

netentneoenncethchncenteecteeenteconeteththetonotnctoncot.eentcheteecete.nchneneecetochneetnoechneeenceeneeoeceecttoettheechneeeeectenthetteentoothecoehenencoe.hneneetnoechneeenceoecteenontenoencenchchconttteonetet(cheente)eeetenceecttoncoe.henecteceeoeeeooetheccteetenteoeconeneteconenthencoetteentothen(oe)net.nteetoneoeectecctentheeectenteetethoeconenthetteentooetontoothen(oe)net.eneceeneectoeoeetntenteeconenthetteentooetontoothen(oe)nethentheohttoeceeentethe.

Theoeettheteoechotnnctteenthethetheeoecteeencethtnncetooonnceteneconeentoheecheenceet.otootonochnentoneooeoenncetntheeentoetecte(oeehe)ceeoencntoooneecnentheeotheecteotcotconeennctothttheecteee.ncheenceeteoeoenncetthecteoeetheeenceeteenthectoncotnthecenteenentoonthtnnceteoeconeeconenthetteentooetonooteecte.nncetneectohchentoeheeneconeeeeneooectenctoonceenethocceentoeeoeconeeeeeenthetteentooetonecetochoeneectoetntentceeoehchcnnoteeeethohthetteentooeton.

82 83



(nooton)

(.)

29

(cont.)

tntcontontttcontctntntonntt.ottnntoctonccttonco.oonotctnncntntotnotonnototocontotncotntotntctcnnco.tttntntonotoccontn.onntcnntconctntttntootontnotn(o)nt.ntntccntt ttontontcttnonotnctt.

nntottoocotont.oonocnoooncttonnnttt.ot o nnto co c cot tnoton cot n ot cotnc n nn t nnto to t nt octon n conton.notoncot nc octonoon tnocctotooctonct.

oto tnoton ntcn noooo c t o tnoccocttnonccntctonotcot.

otootnntottnontoontncto

nton.nctton

ocnnoct

tcoonnt nton.

onocoonnt tcotoctoncot(ncnonotctnnctcot)onttoocn.

ttttncntoncooncnn.

n c nt nc c on n ott n ot n otottntnttonttotonto.

(nooton)

(.)

30

(cont.)

nct.ncntcotctttttotonootonntotonntctononcoc.noconcton(t)tcontonncnncttttncntcot(ntoncot)ctotttttotontontccnco.cntncontoncntoncttttncnttnctoncotnttncotctncntttttotonto.

oonconnttntotnctoncotnc.oonnttttotcotnnctntoc(ntotnctoncot)nttonconntttntootonotootoonntctnttto.onttntoonctcontnctoncototontottnttttottoootctnon.ntctnttonocc.ottnttnonctttottoootctnontctntotcnototootcttoctt.onctocnttntonncontonttontotttontttnctt.

onncootnccntnt.conntttntootonctotnctotccttotcoconnttttt.cntncotooncctontottnctotntnctttncttntconttonntotnnttnco.onntoctotontnnttntcttottonnccttoncttontttonntoonot.

84 85



(nsreiorportion)

(.)

31

(cont.)eropreconiesdeerredtesonteporrdierencesrisineteentecrrinontsinteconsoidtedinncistteentsossetsndiiitiesndteirtsessinteiiitetod.oeerdeerredincoetesrenotccontedoriteriseroinitireconitiononssetoriiitintrnsctionotertnsinesscointionttttetieotetrnsctionectsneiterccontinnorteproitnoross.eerredincoetssetsrereconiedtoteetentttitisproetttreteproitsinsticteteporrdierencescnetiiedieie.eerredincoetesredeterinedsintrtes(nds)tteeenenctedorsstntienctedtenceseetdtendreepectedtoppentereteddeerredincoetssetisreiedortedeerredincoetiiitissetted.eerredincoetesrecretedinrespectoteporrdierencesrisinoninestentsinssidiriesndssocitedcopniesecepteretetiinotereersoteteporrdierenceiscontroedteropnditisproettteteporrdierenceinotreerseinteoreseeetre.eerredincoetssetsndiiitiesreosetoni

ereisnenorceeerittoosetcrrentdeerredtssetsinstcrrentdeerredtiiitiesnd

cdeerredtssetsndiiitiesretetoteseiedteserisdictiononnentitorentitiesttintendtodiscretetncesonnetsis.

1) ensionndretireenteneitoitions

nderorsndreeentsinsresescceptedprcticetesreicopniesinteroprereiredtopretireenteneitstoepoeesdisissedorretirinincertinotercircstnces.isoitioniscoereddeinedeneitpnndorsoeepoeesdeinedcontritionpn.eoitiontotosesreiepoeesorotereisdeinedeneitpnistopseerncesedonteneroersoepoentndteepoeesstontsr.eoitiontotereininseiepoeesndtote..epoeesorotereredeinedcontritionspnsistoerercontritionstoseprtendindependententities(insrncepoiciesndpensionndseerncepndsinsrend1pnsinte)ieitsnoeorconstrctieoitiontoprtercontritionsitenddoesnotodsicientssetstopepoeesteeneitsretintoepoeesericeintecrrentndpriorperiods.

(nooton)

(.)

32

(cont.)

tconntnctnctotntntotontntotnntotonttnctttont.nntotoncctnnnnntctntoctntctto.

ntotnntotontncontnttttcoto(ttnntocconttcttonc)nntttotonntonnontnn(tcncnctnt)nttttottotntottotttntntoton.onttttnonttntonont(t)cttonononnttttnotntcootontonttt.

occtnootnocnncttonnnctnttonncttcttotntttntoconnconnntonct.tccotcntconnnco.ncnt.nntntnntoctotncotntntotononctnttono.ntonootototocnncocnconttontononnncnnctototontononntntnt.onotntotononctconttonn.conttonconontnnt.

2) ctonnctonntnctncontnctootontttoctonnctonntotcotonnnn.nttntonttoont.ocontnnnnctoctonnctonontntcctoco.

86 87



(nooton)

(.)

33

(cont.)

3) contonootnotttcontonn.ntntonttoottottocotonttctontocotonot.otoccncnotntototonconnnntttntootontcoonnctctoctnt.totonttonottno(toncttncontonctto)tnnctotototonnttntt.onttncontonncntonottnootonttcttot.tcnctttotttotnootonttcttotontocnonttnconton.tcontctotonoonttnntttntootontcoonntnttot.ococotocotonntonctttttnctoncotcttoct()ntonnctntotonc.

) otnnonn

ocontnnnoonnotnonotttntocontontntncotctntnt.oconttcontcto.

oonononnttotontctncotncconntontocontctotontotnttottnotoooctotttotonntontntt.tctnooncotntonntnotntonnt.oonnotconototno.tnootontoottnotonttnttnconntcootono.oonconntooonototcttonontncntcooton.oonttntotntcttototttotonntconttttctcnttntottoonntcctototon.ncntoontootconnttn.

(nooton)

(.)

34

(cont.)

onttotcontoncocotooctncntoncoon.nonntottntncontntntntnto.oconnntontoncnntotttconocntototonnccctntocotocttco.ontonnotcontontcontnnctntotno.otttontocttnntocontonttoctottotnctonntccocnnt1) nooctct

nooctctcocctcoonntnottcoonnt.nooctctcoonottttntocctottcnntcontctt.tnonntcontnntootnotntnnnttton4tntntonnncotnntttonott(t)tntontnnntontn(t4).ottcoonntocnontootonototcnt.

2) ontctnnoncontctonoont

ontctcotconnnc.ntotcoocontctoncontctcnnotttcontctnconontottntocontctcotnctttoco.ntotcoocontctoncontctcnttntotttcontctotcontctnconotootcontct.ntotttotcontctcotctotcontctntctoconnnt.nncontctocnncntntncncontctntottnttttnttctoncn.otcntocotontototntotonttoconnno.cntocotonnctotcontctcotnctotncttcntototttcotoccontct.otncntnconnctonttcttoncontctcocontctcotntnntcntocoton.ntnntontoottnnontnt.

88 89



(nooton)

(.)

35

(cont.)ontnt(cnctoncotcontct)toontoctoocontctoocontctnooccotncconot(cono)con.ontt(nctoncotcontct)toonttoctoocontctoocontctnooconccotncconot(cono).

3) ooctnoooctconntncntnntoonntntotctoonotocttoonottnctcontootoctocontnnnnonttntotocttonntcotncottncnctottnctoncn.

) ntoontctooctoottooonntottontton.nnooncctttto.5otcnctotttntooton.

5) nonnnnotncnootcnconntcnott.

6) nttnco

nttncoconontootonntctnttto.nctottcnontontotcoontnttttcocontttonctntttotntntncontnnnntcontnttnco.nttncoononconntonctnttt.

7) otnco

otncoconontccccontotntotntnt.otncotnontcontttntootootnt.otnconctontonoctonootntconnconottttttntnt.

ncncntotonotnoontntocotn.ntnotn(ntonncntcoto)ctotttntootononttnotoot.nntcontnnntott()o.

(naooaton)

(.)

36

(cont.)oaanaantttaanntaton.ncanaaannntannctonotaannottantotoattnotaoannctoonotaanotontocatatanattnotaotoanotatanaoonantotattaaoatna.nconottanannttontnatonaccontntana1a(at1)ccoctn1totoantcacatonotaant(ot.o).aaantntaanctaannctooatnaanaotttatntootao.nctontatanacaaotantannt.

nttontotoanaoconaaatntonancatatntntonctnaaotoanoaocto.

acannacacatntotatttatotootoanttaanoanntacntaaaa.ncotntannattaanoatatanaotntatcontntntaactacontntoaatotaaoonaaocotntacanna.otntaaatanntoaccontonntctt(..cntanna).

1) aotn

a) atnnt(at)ac1ntotn.ntanaaanantaoacncntnoatonntontaaatatontnaotno.oaantnntaontottcctconaotoanantotantantnoatontoncncot.nntnoatonntttoactctoatotaot33.

90 91



)

.)

37

b) 1d)c1)dccccdccdcc.1cdccdcdc)ccccccdccc).ccdcccbdcdcc.ccddcbcdddcdcddcd.ccdcddcccb3127ddcdcc)21.

c) dcdd7c

c7)cdddcddd.cdcbdc.cdddc31)bdcdd.

d) d2.b.

2) ddddddcdbddb

1. 3d)b3)c

dcc)cdccbcbbcc.ccbccddbcdbdbddcc.ccbddbcd.cbcdc.3cbcbcc121.cbc3ccd.

(nooton)

(.)

38

(cont.)

2. 2()onotntnncttnt(t2)(ctonnoconcn2ott)ttttntotctotnctontnotnttcontontnttncton.ctnctonnoontnctonooootoo.totccontnttntoctnctonttcoocontontnt.otnnonnttnnnttoontoocontottntnnoonconntttntooton.

o 2 oct o n 2.nntcntntocton2ontonncttntntcono.

3. ntttontntntonnncotnnttton

ttonoonctton(t)ctccontnttntottonononcttoo.ntttnttnontcontonototontottnoncttoontnnontontottnttottntt.

o n oncnt t o ncontnton.noncntt(ooo)ctnttntn tott toonnonct ct totn t cto tocnonc t otton.

oon o ct o nn otn oconcn n 2 on oct . oton o.nnt tt no ct on t onncttnt.

4. nttton8tntntonnncotnnttton

ottnototo(t8)tttccontnttntontncnnttcoctontootntnnt(occoctotttontococontctttootntnnt)tttntttttoconncttctotontootootctotononcctoooonoc.8oncntcontonnntottonctttnntontontoconnctocnnnt.8ntttotocttotnotoctoconot2.ctonttoctnconton.

92 93



.

39

5. 9 9 9.. . .

7 . . . . . .

6. .. ..

7. 99.

40

000

00000000004000000000000040000000

94 95



41

1111144

1

42

96 97



(

)

(

)

43

:

)1(

(2)

(3)

:

213

11

11

11

4

344

221

2

()2

434()

()341

321

223

32

112

(1)

(2)

(

)

2221

(3)

44

444444444

98 99



Ansaeliooation

NNLANANALANN

45

ont:

esaisaeissaneaseailtioninteoansolingsinatenologiesoaoiatel603toaoiatel560Asaeslt,teoaneoeaaitalgainoaoiatel569illioninteseonateo2008tisgainasaietootegainslosses

1 eootionatelonsoliateoanisaotLeeateaot,50elbteoaotonsanoeatesteegeotealoelantsloateneateitoaot,alionia,,itatotalaaito25egaattseoasanageeentoointontolitteoteaotsaeolesAoingl,asstilatebA31,teinestentteeinisaonteobootionalonsoliationeto,aselaineinNote2b3

2 einanialataoaot,inleinteonsoliateinanialstateentsoteoan,baseonteeentageoteosolingsteein,aeasollos:

alaneseetata:

Assets:

entassets 9,628 4,126 2,091Nonentassets:

Nonenteeiables 311 341 168oet,lantaneient,net

oalateeeiation 26,135 28,039 29,934 36,074 32,506 32,193

Liabilities: entliabilities 818 786 743Longteliabilities 1,598 1,589 1,471 2,416 2,375 2,214

nseCooton

CCC

46

ont

etnesutst Revenues 9,920 9,588 8,560Costsneenses

Costoevenues 6,236 6,404 5,713en,etn,enen

nsttveeenses 94 156 155noeeoetesonnoe 3,590 3,028 2,692esonnoe 1,364 1,151 1,023etnoeotee 2,226 1,877 1,669

Csnnnonn 35,524 44,208 2,859otteneosts 45,818 5,811 57,386 81,342 50,019 60,245

neonteoneeents,enoeueoteseeentsnoetneseeeentsoteunoentseeotes16n18,teouseuetontnetneseveunsnesttenes

100 101



()

()

47

2,31,2009,9()31,2009,31,20082007,39,9,,9,2009,9

(1) 17,404 22,826 96,654(2) 32,039 37,955 24,605(3) 52,824 35,408 18,578(4) 29,258 14,661 168,440 938 3,193 39,077 132,463 114,043 347,354 85,339 76,094 143,697 47,124 37,949 203,657 132,463 114,043 347,354

(1) ()(

),,,,28,

2007,,28

()

()

48

()

23282()48433282()()()()

322824228348328223288(232)2

(2) 3422

(3) 2222

(4) ()

(23)()

102 103



()

()

49

(),,,,17,2009,64

2009,,85,720,00017512,858,00014,20095,153,1209(775),5131,2008,,,4862008,31,2009,9(2),69,,()()

114,043 347,354 384,886 9 52,442 )52,442( 72,496 30,398 90,463 348,621 )93,258( )154,187( )376,426( 2,650 1,632 4,805 7,727 )2,176( )2,156( )5,003( (7,592)

7,051 1,783 )66,980*( )6,245( )102,409( )3,617( 132,463 , 114,043 347,354 47,124 37,949 203,657 85,339 , 76,094 143,697 *2,492,000

2008

()

()

50

36,197 32,183 35,313 18,368 18,998 12,621 288 367 130 54,853 51,548 48,064

287 164 674 6,168* 1,841 3,309 4,812 1,264 6,615 1,760 12,036 10,200 7,699 5,297 5,578 1,788 20,725 32,034 16,733

*2009

()

78,199 48,727 14,243 43,093 20,725 4,765 121,292 69,452 19,008 )110,003( )78,140( )20,218( 11,289 )8,688( )1,210( 14,640 6,982 3,608 )3,351( )15,670( )4,818( 11,289 )8,688( )1,210(

104 105



l

.

51

31,2009,l157llly.2009,llly65.4ll.

l

ly 7,283 6,113 3,200lly

8,164 6,075 6,699y 39 1,536 413 15,486 13,724 10,312

ly31,2009,2008,200712,404,000,7,428,000,3,541,000,ly.

yll12.75lllyly340lllly.llly,yly110.lllyllylyyl.

lly31,2009.

52

1,180,033

102,75923,407

1,259,385250,409

65,487316

315,580943,805

359,266125,711

484,977

484,977

33,123

10,064

43,1874,802

658

5,46037,727

,

52,07111,151

63,222

9,9266,110

16,036

47,186

3,062

1,790173

4,6791,518

912

2,4302,249

1,345856

12,201

7,3191,000

358,284

3,917

1,638,900

252,33123,580

1,867,651273,974

74,167351

347,7901,519,861

1606,00029,400,000

106 107



)

)

53

)

940,660

243,404,36)

1,180,033199,831

54,3253,4)

250,409929,624

21,81 141,485

359,266

359,266

21,423

11,00

33,1234,504

298

4,80228,321

,

23,44228,629

52,01

6,8013,125

9,926

42,145

2,201

900)

39

3,062

1,13399

18)1,518

1,544

8,820

2,525

11,3456,030

1,289

,3194,026

1,214,32

428,99)

4,406

1,638,900

218,30359,436

3,65)23,94

1,364,926

54

842,446

144,38446,17

94,66199,774

46,22746,17

199,83174,829

168,23149,55

217,781

217,781

19,918

1,55

21,4234,274

23

4,5416,919

,

1,163 13,279

23,442

5,4751,326

6,81

16,641

1,73

49221

2,21913

24521

1,1371,64

8,41779

8,82

5,369661

6,3

2,79

1,5,529

29,98946,191

1,214,327215,85

48,68946,191

218,33996,24

1

67,884,,4,489,,19,47,

31,29,28,27,

2

,,

,,

,

,

31,29,28,271,279

,1,14,798

,

108 109



(aa)

()

55

(c)

) adda

(a) a

bdaacdaaaadd(a)aadcdcaddbccbaaaad5acbadc

(b) caaa

bdaacdaaacaadccdad(a)acaaabaabadddaddaaacaaddacbadacbaaadccdadabadaa5adacbadc

(c) aaa

bdaacccdad(a)daacadccdad(a)aaaaacdbaadbcadcdbaaadaaadacbadc

aadaabdaacaccdaaaaaaaabaaadaaadaaad55acbadc

(d) aad

ad(a)abdaacaccdaaaaadbaaacadaaaaad5acbadccbaadccadcaaa5aaadcdcaaa

()

()

56

()

(

2) 3,179

442,218 344,439 212,704

39,580 14,827 5,077 484,977 359,266 217,781

31,2009,94,,1,16,,234

844 844 8,207 15,184 205 23,596 8,207 16,028 205 24,440 9,079 33,568 2,280 44,927

(1) )9,278( )550( )9,828( , )23,261( )1,320( )24,581( 17,286 17,057 615 34,958 1,760 24,961 2,003 28,724

(1) )1,505( )862( )2,367( , )3,179( )22,815( )1,704( )27,698( 15,867 17,698 52 33,617

2

110 111



(aa)

()

57

()

(1)aaaaa

aaab31,2009aaa,a,a2009,babaaaabaaaaaaaaab31,2008aaaaaaa,,a2008,babaaaaba

aaa,21

:

aaaaa

aa(aa)(a) 2,987 3,249 3,331

aaaa(b) 3,318 3,502 3,686 6,305 6,751 7,017

(a) aaaa19692007,aaaa(aaaa)b46a49a,20182056aaaaaa4,005,000aaaaaaaaaaaa,aaaaaaaaaaabaa

(b) aaaaa,

a43,aaba23aa,18

58

858

418

1,276

370

41

411

865

62,041

323

62,364

16,207

3,295

19,502

42,862

1,654

739

2,393

643

684

1,327

1,066

1

1

1

64,554

1,480

66,034

17,220

4,020

21,240

44,794

112 113



n

ooton)

.)

59

cont.)

otootnnon

t

t376

482858

150220

370

488

o

nt62,041

62,041

12,9713,236

16,207

45,834

o

totn

otntnt

1,060594

1,654260

383643

1,011

tntttno

n

)1

1

1

63,478

1,07664,554

13,3813,839

17,220

47,334

n

ooton)

.)

60

cont.)

otootnnon

tt

868 138

630376

600

180

630150

226o

nt

60,889 1,152

62,041

9,6273,344

12,971

49,070

otot

n

otntnt

1,060

1,060

260

260800

tntttnon

)

1

1

1

61,758

2,350630

63,47810,227

3,784630

13,381

50,097

ottonontntotnc

31,2009,2008,n2007,ntonto3,979,000,3,619,000,n3,604,000,

ct,ctocoton

ottonntonto41,000,220,000,n180,000,ct,

ctontt

nnn.

114 115



)

)

61

1) 2,040 1,992 2,121

2) 5,177 1,711

597 661 168 2,637 7,830 4,0001)

1231,2009),16

2)

31,2008,3420091731,2009,1764))

1) ),1985

),2007,)20),2008),2008,2007

2)

,15)1472005,,2007200729,200827,200926,201025

62

22222222222222222226

2

22222

222

116 117



(nooton)

(.)

63

(cont.)ntnttott

) ctt

ntoontconcnnttnctntncootntnt(ototocttcttntntnot)tooncttottontottncootntnt() tonontntntnconttto

.() ootttttontottttot(

ot.o)otnotoont().

ntntotttonocnotoncottttottotottnctotonttt.ttotoontottntntottconcnnnnntoontotconntntconcnnnn3.

) cctctonttntttoccctctonotntntconcnnttootonoctnctoncnnnttntnt.

c) ontononttnttotntnttnttotontcontononntotcontontttntntntontn.ntntotocottcontontntcncntttontontotntnoonttttonontt.

) otncontont()6ttnntconnt.ctntttocctontnctontnntctttttonntntontntnono.

(nooton)

(.)

64

(cont.)

1) ttntotntnocttootcntttntcntttnntncottntttoncotttcton

ntntnctoo

ttcotno tn12ontottotttntonncoton 31,748 18,541 15,790

ttcotn12 ontotttntonncoton 3,617 3,003 2,748

35,365 21,544 18,538

tttotttno tn12ontottotttntonncoton 34,222 **25,104 47,697

tttotttn12 ontotttntonncoton 664 445 180

34,886 25,549 47,877 479 (4,005) (29,339)

** ttoctcontonotontcnnccontn

ttnt,ot2.

118 119



(n

ooton)

(

)

65

(cont)

2)

ootonotttnctt,ntcntnntn

c

31,2007,2008,n2009,oo

(42,089)

84601

32,707(27,031)

172(35,556)

tottnto

oton(8,436)

208103

14,395

(466)5,804

tot

(71)

204

280

413

(50,525)

221704

47,306(26,751)

(294)(29,339)

tottnto

oton)

10,919*(

*

139

13

8,820

294

)

1,653(

tot

54

182

26,751

26,987

)

61,444(

414

717

56,308

)

4,005(

tott

ntooton

1,426

)

83(

)

53(

3,094

4,384

tot

)

58(

158

100

)60,018

(

273

664

59,560

479

(1)

tctotnctoctn(o)(2)

tctotnctoco

(3)

tctotnctot

nttoonncto**

ttoctcontonotontcnnccontnttnt,

ot2

(nooton)

()

66

(cont)

3)

ttnctocoocontonotttnttottncoocoontntttoc31,2009t13978on,ntttcoootttt226oncoon20212029,ntttcoon20142019ntncontnttctoc31,200920onnttno20,n2022n2023tntncooctontctoc31,2009342onnttno20,n2029coooc31,2009t88on,ocot66onctoonotcontnctonncto,nctttontontotnotntct

4) nnot2,tonotconttnct

otoncntontoot453onnctontntn(tnnonttot)

5) tncotttttcttonc

t

oo

nt(cntt) 1,494 18,318 )1,432( nctoo 37 370 t 4,384 )1,653( 5,804 5,915 17,035 4,372 tncottonooonocnttn 2526 2527 2529cottonocntttntoccont15,515,000,18,118,000,n

6,488,000n2009,2008,n2007,ct,nctoncootonttontncton,ot22

120 121



(nooton)

()

67

(cont)

nctonnttnntntot6ttttotntnttonnttctotonnontontttonnooc7ot7onconntoctntoo

on nnttot6ot tntotconn tntotconntt nnttot6

ntonnotconcnntonnncttntnnconottonntontnctnntntonnotntnonncttntnnconotttctnncotonotntnconcntnttntoctnncttntnnconottccontnncncctnnnnnttotnconnc(o7ooono7n)ncttntonnnntctton(ttnnt)tnotccontntnonottnntoccontntnntncoott7nntntnncttntototncncotnnttttnnotnctcontnntncoototontoocotttncoot7nonccontntnnctotootononcttoctntnttotnntnoctontcottonocntntntnncttnt

(nseopoton)

()

68

(cont)

oonseconctonoteteoetctxexpense,ssnncoestxetteetxtes,ntecttxexpense:

ncoeeoencoetxes,sepotente

ncoestteents 76,676 30,022 69,718tttotxte 26% 27% 29%eoetctxexpense )19,936( (8,106) (20,218)ncese(ecese)estno:

eenttxtesonoensses 22,630 26,638 10,176xexeptncoensoe

expenses,net 10,133 13,428ossesnenetsoceee

txeseenotpoe (11,195) xesppcetoncoeoen

oss )381( ttonocotxosseso

ceeetxeseenotpeospoe 3,906 1,140

nceseneeetxesetocnentxtes )162(

n )142( )435( )154(

5,915 17,035 4,372

ncntxenetso56,963,000n46,302,000ontxexeptcptnontonnnesteesnteeseneecee31,2008n2007,especte

enceoteopnssees,neentes,nteontoppoxte25on,seeeenteeeneecee31,2008soecee31,2007,ttontspesenteoncentttes

122 123



()

()

69

()

1)

(

) 5,225 9,013 13,792 , 99,474 ,

41,056 2,588 5,477 8,365 148,343 14,490 22,157

)19,191( )6,676( )7,667( 129,152 7,814 14,490

)7,181( 121,971 7,814 14,490

() 40,000 50,000 90,000 )12,823( 77,177 )307( 76,870

() 134,000 100,000

146,323 155,326 164,856 105,776 116,819 134,459

252,099 272,145 299,315 )20,227( )20,085( )25,475( 231,872 252,060 273,840 )7,347( )8,706( )10,126(

224,525 243,354 263,714

2)

()

70

000000700070000000777

00700000

00000077000000000000

00

0000000000007700

00

000000

124 125



71

1

17171

1

11111

117111

11111

1

72

2272

2772222

2

2

126 127



(aa)

(.)

73

(.)

aaaaaaa()aaaaaa.aaaaaa.312009200a2007aaaaaa0.13.7a0.1.aa312009200a2007aaaaaaaa11.110.a11.5(21a(5)).

2) aa.

2005a..aaaa.(aa)a15(aa)a1aa1933aaaaaa11.1aaaa3.9.aaa.aaaa.21aaaaa302020.aaaaaaaaa30200.aaaaaaaaaaaaaaaaaaaaaa.

aaaaaaaaa.aaaa312009aaaaa.

aaaaaaaaaaaaaaaa.aaaaaaaaa100aaaa.

aaaaaaaaaaaaaaaaaaa.aaaaaa.312009200a2007aaaa2.7.5a11.9.aa312009200a2007aaaaaaaa11.3(21a(5)).

74

1

32,015 6,676 7,667 28,031 6,101 6,676 30,090 1,713 6,101 30,567 1,713 31,087 86,553

238,343 14,490 22,157

2

20,227 20,085 25,475 20,990 20,225 20,184 20,198 20,987 20,334 22,208 20,194 21,110 24,810 21,273 20,3132020 143,666 169,381 191,899

252,099 272,145 299,315

45,272 79,298 58,211 1,471 3,575 3,782

46,743 82,873 61,993

128 129



(nooton)

(.)

75

(cont.)

ontn 10,441 9,529 8,427 nttcconnocot 2,061 527 350 nttton 1,743 840 ccn 340 3,014 ot 703 940 711 n 2,907 3,078 106 17,855 15,254 12,608

ooctoot,tooonntotontton.nnooncctttto0.5otnctoncontnncttnt.

tcnoooonn,not

nt(t)ntntotnctonnontnotontoctontno(ttnont).ntto31(tt),totonttonntconntnontnttotonto83.0on(ttnco).tntotocnttocntnotntotototttotoctc.ntcontnoctnontton23(ttoct).cnottoc31,2009,2008,n2007ontto47.8on,50.5on,n53.3on,ntocctctono14.6on,11.9on,n9.1on,ct.ntotonntoctoonnttnontnocnttttctcton(t).ntoctnoncootontottonotcnoo.ntoctnccontot.ccnotn.ncootnton,ntttnto,ot31tot.tnctoncotontnto4.2onnot,ntttnto,ot23totoct.

(nooton)

(.)

76

(cont.)

tnnttoc1,2009,oo

t 7,567con 8,061 8,199ot 8,062t 8,647tntt 47,218 87,754

. nttotnt,tctnnttntontnntttncconctctnncnt.oc1,2009,2008n2007,cnontto11.7on,9.2onn7.6on,ct.oc1,2009,2008n2007,2.5on,onn5.6on,ct,occcontcnoncnt,nctntncnctctontocotnttotct,nnot6(1),ntnn9.2on,6.2onn2.0onoc1,2009,2008n2007,ct,ccntt.

ntnncconttoottnnc,tnotncntntnoontnt,notottontotntcon.ttonoonntnotctconntntnt,cnc,nt,ttonontonntn.oc1,2009,2008n2007,tncocccont0.7on,0.6onn10.4on,ct.ontcnttcnttotnnccnttctt.

onnttconntotoncnonontoootnotonctnotcctnc.

totconntotoonon,ntottonctoonncton14otnc,tncttoootococntottnconttonn.ontnonotctntttntonncoton.

130 131



(nooton)

(.)

77

(cont.)

ontnnctootttnconttonnntnc31,2009,2008n20071,638,000n760,000n1,869,000,ct.

oo,ctnotontonctooonnntn.tncoottncnnconnncoc.nttntntnctoc31,2009,cttnctntoon

1) tonccotontncottt

c31,2008,tttonoccotnnttncontttconttoc31,2009,ttton(nto)ctot(o)nntoontn2009onc.

2) ntcotontncottoc31,2008,tttonontcttnontntnotntnc31,2009,ttton(nto)ctn(o)nntoontn2009onc.

ontntntttntonncotonntnoo

ntototontnto

tonn 17,286 14,803 12,901ont )15,744( (13,141) (12,016)tntntttnto

nncoton 1,542 1,662 885

nnnntntntntotonoo

14,803 12,901 10,897 ntccot 760 772 827 nttn 701 880 672 cto(n) 993 585 )28( cnnc 192 )259( 1,161 nt )163( )76( )628( 17,286 14,803 12,901

(nooton)

(.)

78

(cont.)

nnontntooo

13,141 12,016 10,561 cttnonnt 310 445 294 ctn 1,315 370 177 cnnc 185 )274( 890 oot 956 660 722 nt )163( )76( )628( 15,744 13,141 12,016

ctontoctnnoconntoc31,2009,2008n2007,nctntttntoconnconn,noot264,000,ooot161,000,nnoot154,000,ct.

ontconntttntootonotnc31,2009,2008n2007,oo

ntccot 760 772 827 nttn 701 880 672 cttnonnt )310( )445( )294( ot nc n o n t

n 1,151 1,207 1,205

nccttonoo

contt 5.22% 4.91% 6.43%ntont 2.6% 1.9% 2.75%cttnonnt 4.91% 6.52% 6.17%cttotnt 1%10% 1%10% 1%10%tnc 3.62% 2.92% 3.78%

cttnonnttnconntcttnonttnntcntntntoc.

otttonontttctntncn.

ctconttontootontntnotnnc31,2009ot650,000.

132 133



()

()

79

30,703 447 31,150

1,549 1,549 )3,622( (3,622)

1,354 1,354 (26) (26)

29,984 421 30,405

20,675 20,675

1,318 1,318 )26( )26(

51,977 395 52,372

635 3,349 3,984 )20,676( )20,676( 2,354 2,354 )27( )27(

34,290 3,717 38,007

31,2009,20082007385463,225305,40445,

aa)

)

80

abaaabaaaaaaaaaaaab00aaaaa)

abaaaaaaaaaaaaaaaaaaa0a8ab00008a00

)aaaaaa8

a) aaaaaaaabaaaaaaabaa00aabaa)aaaaaaaa)

b) b00aaaaabb

abaabaaaab00a00aaaaaaaaaaa

134 135



(nooton)

(.)

81

(cont.)

..otcnoonttoctnonnt(ttnt)t..nnttoctntoonoottoctontontoto.on.cnttnonoctntooonnotncoonoottoct.otntoncontttottntttotontonnnccttntt.tntntnttcnoo.noconttttotctconntntntcncntnnctnotnntottoncotonnttonto.nnttttc1tonconcttconntntnt.nnnttnttcnoonntnoctctnntonto.onccntoonottoct(oot1()).oc1ttocttntttonto.onnnottnnnttnt.

)oocntot.

1)contnnttotntcnooct

onno.

)contnntttotnonctnnntntotonnonncntnttontoncocttconoto.tontnttontotncottotnconnctontttnoonontonotnonncton1otnconnc.

oc1tonnontntontoc.

)onntotnootntoocnntoncoon.ooonnconctotttncttonononnttttotcootttnonttnottctonttootonnnncotonoto.

(nooton)

(.)

82

(cont.)

nconnctonttctncttcnoontt(ntt)tontntoctnntton.ntntttoctntctconntncnotonon()ctnnotnconconotttototnntottnootn()onctottontttototnntottnootnn()nnntnnconnoonootnttott.nocttontnctnnnctoctccotonttotto.oonotcttttconntotoctotcnooonconottttttoctttnnooton.toooonotconnttotncntcttoocootntoccnconntotnontntoccttntotctnttotnccnt.oc2tnconcttotctconnt.

otn8.

nn2oonotcnootnc.(tt)conctnctontoontoctontctnotottttccctctonntoctnototont.nttottnctontoontno.ncootnnotnc.cntttontnto(ttntttonnto)nnoot.ontnonttnctonnct2totnn2octn.tnt..tn.tconntntoccn2ncotont2totnn2ont.nttnctontctttntontonotonttotno(t)nottconnttntotntttonntontttonnto.8ontttcon.conconntntoccn28ncotnont.ntttonnto.onttconcon.tcontntootnntntontncntotttconttontnttcotcttttntntonttntttonntoctntotoctontctnttncooo(tottconocnt)ntttcottcotct.ntttonntotntttottncton.nctntttonntocttttontntntn(ttt)tcootttcntncontntttonntocootttcntncoonon

136 137



83

3838333338

3

84

,,,,,,,,,,21,,44,31,2009,

185,559 184,299 181,504 184,081 186,149 2,111,586

3,033,178

1

1

150,000 118,741 150,000 118,473

138 139



85

5

8

5

8

8

85585558

8555

5855

86

66888688

688888

886

140 141



87

77788

77777877878

()

(.)

88

(.)

,,,(..).,,,.

1,233 $39.14 $817 $35.38 539 $27.03

30 38.50 481 44.53 435 42.78 573 26.84

)12( 41,97 )36( 40.01 (110) 32.09 )79( 15.96 )29( 11.36 (47) 15.81 1,745 36.08 1,233 39.14 817 35.38 331 35.23 230 27.61 82 22.42

.

$1,242,000,$602,000$743,00031,2009,20082007,.31,2009,20082007,,$15.92,$20.75$15.81,.

142 143



()

(.)

89

(.)

,,.

34 $15.00 4.8 105 $15.00 5.8 122 $15.00 6.88 20.10 4.8 13 20.10 5.8 18 20.10 6.830 25.74 5.8 30 25.74 6.8 25.74 572 26.84 6.2 26.84 26.84 232 34.13 6.3 234 34.13 7.3 251 34.13 8.323 37.90 3.8 23 37.90 4.8 23 37.90 5.830 38.50 6.8 38.50 38.50 8 38.85 4.2 8 38.85 5.2 8 38.85 6.2350 42.08 4.3 350 42.08 5.3 365 42.08 6.3428 45.78 5.3 440 45.78 6.3 45.78 30 52.98 4.8 30 52.98 5.8 30 52.98 6.81,745 1,233 817

31,2009,.

284 3.78 403 $3.68 1,098 $2.70 )21( 1.97 (38) 3.68 )1( 1.75 )284( 3.78 )97( 3.78 (657) 2.05 , 284 $3.78 403 $3.68 , 284 $3.78 128 $3.47

)

)

90

)

312008200

19 1 02

284 38 03 384 38 13284 403

0004444000330003120092008200102

1) 312008020

110000)

2) 22008

018111000)292008

3)

)

144 145



()

()

91

99,701 103,885 96,179 163,389 155,274 127,819 2,685 2,685 2,685

265,775 261,844 226,683 6,347 159,389 92,577 80,361

431,511 354,421 307,044

98,120 97,446 86,170 83,440 74,160 62,752 5,242 5,242 5,242

186,802 176,848 154,164 1,711 111,938 71,830 67,825 300,451 248,678 221,989 125,735 93,019 84,829 47,959 43,547 35,792 4,711 8,042 8,479 68,074 63,042 54,585 56,508 43,317 42,985 302,987 250,967 226,670 )2,536( )2,289( )4,681( 300,451 248,678 221,989

11,872 5,225 4,697 )1,330( (564)

10,542 4,661 4,697

()

()

92

6,325 5,187 5,436 271 283 220 2,718 1,599 590 603 820 1,051 312 299 245 1,457 1,092 1,117 2,898 1,605 1,986

14,584 10,885 10,645

15,904 14,722 11,751 6,008 8,305 6,400 810 710 618 2,328 1,478 1,324 818 535 335 4,562 3,916 3,002 30,430 29,666 23,430

4,851 9,612 12,773 1,267 )8,443( )1,339( 853 25 495 6,971 1,194 11,929

146 147



(nsaiatin)

(.)

93

ntstnsinst

jtinaningniudts 20,968 21,517 24,898 jtinaningans 9,616 1,626 2,734 ansandditinsinstitutina

instsandans 4,188 717 ntus 1,612 3,359 ssttintigatin 2,354 1,318 1,354 aatnsi 7,568 6,510 2,430und 611

ssingstsaitaidtt, antanduint )27,395( )21,442( )6,835( 17,299 11,858 28,551

asianingssaautddiidingntinattiutattuitdsantigtdaagnuutstandingdinasas,udingsasuasdasusidiaanddastasusas.

tinattiutattuitdstantan

52,869 **30,406

62,898

igtdaagnuutstandingdinasas(intusands) 116,452 116,207

115,297

asianingssa(indas) 0.45 0.26** 0.54** ttatignitintuntaanginaunting

tatnt,st2.

iutdaningssaautdadjustingtigtdaagnudinasasutstandingtassunsinadiutitntiadinasas.anastatgisdiutitntiadinasasntidtandsatinsgantdttuss.auatindiutdaningssaassustnsintntidtintdinasasiadjustingtntittiinattintstnssadssttatandasassustistsatins.tsatins,aauatinisdntdtintnusastatudanauidataiau(dtindastaagannuaatsaitanssas)asdntntaautsusitinigtsattadttutstandingsatins(tisiandtausisantiiatdtusdingtsatins).

()

(.)

94

(.)

52,869 **30,406 62,898

(37,433) (27,834) (16,184) 37,433 27,834 15,061

, 3

52,869 30,406 61,778

116,452 116,207 15,297

8 169

49 223 880

116,501 116,438 116,346 0.45 **0.26 0.53

** ,2.

(,),..().

.

148 149



95

959999

99

96

9

150 151



(

)

(

)

97

()

(1)

2,27

21,167

16,21,26

16,612,6

116,19616,

1,776

116,191,9

1,771,2

126,766

(2)

,29,627

,6,

,796,227

1,6

1,

1,976

,66,6

1,9,1

6,7

,

99,7

96,69

,

1,6

1,6

2,

2,

17,

21,17,1

9,22,9

26,6

(1)

(2)

,

,,

()

nlooon

98

on

onnonnoonnnnnooolnog8lllolnnlnlonngn9olnlnnolono

nonlonglnnglnnglollollonnooon9n8lolnnllonglo

nnnlnnnolngoononnnnnonlolnnllnollglnnlnonnlnnnoognonolngong8noonnnnlnonnoonnnlloon98noonononoolllonllonnllonlnono98nonlooonnonoool89llonnllonlngnoongonglonoonnlononolllonnglglonnlnollonoolonnooonollloloooononoolllnn98nlnololoooonool98n8oolonolnnn98nlonloonoln9oonolonlo98nl

152 153



sreororto

99

cotretrtsotemorcustomerssoecemer9resoos

outerorsoom steoutoo steoutooectrctom ttr eteoutooerrccoerom ttr steoutooectrctom steoutoo eteoutooeoerom steoutoo steoutooouterooerucutort steoutoo eteoutoo

ousecretrtorocustomerssesrerscustomersooruercotrctterouctsemetsrueterouemscessorroressesereorememetcoserstecretrsoetoeeeerousesteseeoteeresttetruestecouterrtestoterousertesresresteroucosersteeretcretrssretetotesetrsctostoeremote

eroumtssuceteeocsmretesecurtesorertommeteeosuretoutrssemetmotorsorecstsoterousutreserescomrseourorroctescscseuetseorsecssetsotessoeectecsossseercrreouttoceetectecomesoterouccorcetrctcemtssetterouesemtsrromcoutrtocoutrsostotetoccoutteutotemretcteettoertestoterousutmemetocoesroectcsosmorcurrecescoserteeeoussetsecessrtomeettesemtetcs

100

1

62,85

62,85

52,21

183,02050,288

52,655,88

230,21862,1

35,66

32,58826,858

23,56820,080

,13183,06

150,

215,608,16

6,35,8

25,13181,00

,86

,86

26,616,326

2,0020,1

21,2316,381

386,635

20,218,

1,11615,56

1,86,

132,152

1,6205,300

8,81635,650

36,1021,128

618,65

154 155



101

:

1,2009,7:

1

21,,

331,2009:

:

20,227 20,227 91 91 : 29,258 462 29,720 85,339 17,404 102,743

134,824 91 17,866 152,781

32 32

31,2009,,,,11100,

,,,,2

,3

)

)

102

)

1200

222

22) 10) 1

10

)1111))201022)2)

1)

) 1 12 122

156 157



(nsraeiororation)

(.)

103

(cont.)

2) enerationandbeneitstointerestedarties

nterestedartieseoedbteoantatare

eanaeentersonnesee(3)beo ontdoarsintosands 221 12 122beroreciients 3 3 3

irectorsnoteoedbteoanoronits bea ontdoarsintosands 223 1 1beroreciients

3) enerationandbeneitstointerestedartiesandeanaeentersonne

a. neteber200teenerasareoderseetinaroedte

eoentareeentors.editroniciasteoratecnooiesanditsoonedsbsidiarratstestdandteeoentareeentor.edaroniciasteieecnooiceroratecnooies(ereatertereeents).ndertereeentsteontsaarors.roniciis1200andor.edaronici10333.oreoereacoteisentitedtoanannabonsreresentin0.oitsnetincoeinecesso2iionitteadditiono0.oteconsoidatednetatertaroitessteconsoidatednetatertaroitoratecnooies(btnotoretananaonteatosiontsaarieseacaseastesasociabeneits).

nadditioninteeentocaneocontroinratecnooies(asdeinedintereeents)eacoteaboeisentitedtoaretireentrant(odenaracte)inanaonteatoteirontsaariesattetieotranserocontroincdinansaariestereatertiiedb2itteadditionoticeteaeraeaontoteirannabonsesortetoearsrecedintetranserocontro.ereeentsareinorcetro2012.

b. neteber1200teenerasareoderseetinreisedte

eoentareeent(oriinaaroedoneteber200)or.oraronici(ereaterora)ooinorasaointentastePresidentoratecnooiesandteetensionoisatorit.isreisedeoentareeentstiatesaontsaaro1000andanannabonsreresentin0.oitsnetconsoidateincoeinecesso2iion(btnotinecessoanaonteatosiannasaaries).aitaainsorossesonditionoodinsinsbsidiariessanotbetaenintoaccontintecacationotebons.

(niootion)

(.)

104

(cont.)

ntntocnocontointcnooi(ininint)ointittotintnt(onct)tocctinnniitottottintnttocoitnonici(()o)ctttinitiontotointittotictcotiontotnnoiionotcnooioinion.iontntcintoocon1004nntotictnoitiontoio.

c. ntitnintttnconiniconto

i. n00tnotinottnionotntit.onici(ictootonnotoniciit)ntttoicontinontninttionicitcttotociot.cootitionnntitooit40000.

ii. nt100tnotino

tntitott.(t)inicinintttnoiotnintnncicitcttotooticiino(to)not.oooit40otottnincitonictonnoto.tttintootntootnintnncicottconcincto100ioitiicinconitionotonnnonto10000.iconitioniintotticoniciniocto100.

oncinn100totoctiitoiiono.ointcinotooictontcictioicotiitcnooinc.ototntonittticciiontociotinciion.ciotinciionitointnototootinoncnoctinoc.nntintinntontoot.tintitciotinciionontinncittntotcnooininconoitittccontinincincctintnittt().ciotinciionincntonconntoitotinoit.

158 159



105

()

()

106

()

255,855 159,389 16,267 431,511 33,751 (33,751) 255,855 193,140 16,267 (33,751) 431,511 47,312 21,461 9,431 (1,310) 76,894

(3,757)

6,405 79,542

14,433 (17,299) 76,676

1,757,327 97,674 155,475 2,010,476 *71,683 2,093 4,516 78,292() 4,840 3,292 (2,217) 5,915

( ) 265,252 5,371 4,637 275,260

*94,11

160 161



()

()

107

()

:

252,256 92,577 9,588 354,421 81,557 (81,557) 252,256 174,134 9,588 (81,557) 354,421 45,081 5,698 3,186 98 54,063

(3,360)

56,963

(65,786) 41,880 (11,858) 30,022

1,555,315 75,661 154,247 1,785,223 58,560 1,568 3,449 63,577() 10,622 8,986 (2,573) 17,035 ( ) 412,734 3,872 5,622 422,228

()

()

108

()

:

215,969 79,950 20,240 (9,115) 307,044 109,895 (109,895) 215,969 189,845 20,240 (119,010) 307,044 43,689 (228) 10,923 (5,715) 48,669

(2,386)

46,302

5,684 98,269 (28,551) 69,718

1,230,220 47,148 324,241 1,601,609 49,398 1,084 4,438 54,920() 4,702 3,327 (3,657) 4,372 ( ) 206,838 2,137 3,160 212,135

162 163



109

1

,

2

264,624 262,145 245,244 32,158 21,258 11,420 79,683 33,874 26,193 3,850 6,030 3,554 34,857 10,704 9,896 16,339 20,410 10,737 431,511 354,421 307,044

)

)

110

)

1,358,586 1,218,320 79,000 94,464 12,816 9,873 126,503 109,727 1,576,905 1,432,384 27,672 21,139 1,604,577 1,453,523

1)

96,937 23 104,842 30 25,979 6 57,679 16 53,658 12 43,356 12 46,893 11 32,646 9 44,073 10

267,540 62 238,523 67 2)

13,920 25 14,318 28 2,122 4 4,458 8 6,090 11 5,652 11 10,213 20 14,575 27

36,707 67 34,641 67

164 165



111

111

11

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11

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166

45 Years of Dependable, Economic Green Energy Solutions

Ormat Industries Ltd.1 Szydlowski StreetNew Industrial ZoneYavne, 81100 Israel

Tel: +972 8 943 3777Fax: +972 8 943 9901 E-Mail: [email protected]

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Ormat Industries Ltd. · Ormat Technologies, Inc. (“Ormat Technologies”) and its subsidiaries. In 2004, the Company embarked upon the reorganization of the holding structure of