World Fuel Services 2005 Annual Report Download

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2005 Annual Report
World
Relationships
Fueling
around the

Table of contents

  • Page 1
    Relationships around the Fueling World 2005 Annual Report

  • Page 2
    ... seaports worldwide. With 42 offices strategically located throughout the world, World Fuel Services offers our customers a value-added outsource service for the supply, quality control, logistical support and price risk management of marine and aviation fuel. 2005 World Fuel Services Annual Report

  • Page 3
    GLOBAL Locations 650 People 42 Offices 23 Countries

  • Page 4

  • Page 5
    ...' EQUITY ($ in millions) 500 400 300 200 100 0 $149.7 $353.3 '03 '04 $188.5 '05 $5,654.4 $39.6 '03 '04 '05 '03 '04 '05 0 '03 '04 '05 2005 World Fuel Services Annual Report page 1

  • Page 6

  • Page 7
    ... provide a distinct competitive advantage in the market and represents the key to continued value creation in the future. Very truly yours, Paul H. Stebbins Chairman and Chief Executive Officer Michael J. Kasbar President and Chief Operating Officer 2005 World Fuel Services Annual Report page 3

  • Page 8

  • Page 9
    ... 2005 Youth Arts Competition, which was open to Miami students from 9-18 years old, was transportation: planes, trains, ships and automobiles. We celebrate our young artists and the effort they put into expressing their talents. All artwork is on permanent display at World Fuel Services headquarters...

  • Page 10
    Relationships around the Fueling World 2005 World Fuel Services Annual Report page 6

  • Page 11
    ... YEAR ENDED DECEMBER 31, 2005 ' TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO COMMISSION FILE NUMBER 1-9533 WORLD FUEL SERVICES CORPORATION (Exact name of registrant as specified in its charter) Florida (State or other...

  • Page 12

  • Page 13
    ... About Market Risk ...Financial Statements and Supplementary Data ...Changes in and Disagreements with Accountants on Accounting and Financial Disclosure ...Controls and Procedures ...Other Information ...Directors and Executive Officers of the Registrant ...Executive Compensation ...Security...

  • Page 14

  • Page 15
    .... We have offices located in the United States, United Kingdom, Denmark, Norway, The Netherlands, Germany, Greece, Turkey, the United Arab Emirates, Russia, China, Taiwan, South Korea, Singapore, Japan, Hong Kong, Costa Rica, Brazil, Chile, Argentina, Mexico, Colombia and South Africa. See "Item...

  • Page 16
    ...: World Fuel, Baseops, Airdata, PetroServicios de Mexico, and PetroServicios de Costa Rica. In general, the aviation industry is capital intensive and highly leveraged. Recognizing the financial risks of the airline industry, fuel suppliers generally refrain from extending unsecured lines of credit...

  • Page 17
    ... an internet website that contains reports, proxy and other information regarding issuers that file electronically with the SEC at www.sec.gov. Our principal executive offices are located at 9800 Northwest 41st Street, Suite 400, Miami, Florida 33178 and our telephone number at this address is (305...

  • Page 18
    ... of the Code to our Chief Executive Officer, Chief Financial Officer or Corporate Controller, we will disclose the nature of such amendment or waiver on our internet website, in a periodic filing under the Exchange Act or in a report on Form 8-K. Our internet website and information contained on...

  • Page 19
    ...their suppliers of fuel and related services. Diversification of credit risk is limited because we sell primarily within the marine and aviation industries. Credit losses may be influenced by factors other than the financial condition of our customers, including deteriorating conditions in the world...

  • Page 20
    ... are denominated in United States dollars. However, in certain markets, primarily in Mexico, Colombia and the United Kingdom, payments to our aviation fuel suppliers and from some of our customers are denominated in local currency. This subjects us to foreign currency exchange risk. Although we...

  • Page 21
    ... of fuel. Changes in the market price of fuel may have a material adverse effect on our business. Increases in fuel prices can adversely affect our customers' businesses, and consequently increase our credit losses. Increases in fuel prices could also affect the amount of fuel our suppliers extend...

  • Page 22
    ...our business, financial condition and results of operations. Changes in United States or foreign tax laws could adversely affect our business and future operating results. We are affected by various United States and foreign taxes imposed on the purchase and sale of marine and aviation fuel products...

  • Page 23
    ... that could have a material adverse effect on our business, financial condition and results of operations. We are also subject to possible claims by customers, employees and others who may be injured by a fuel spill, exposure to fuel or other accidents. If we should fail to comply with applicable...

  • Page 24
    ... or replacing those that expire. WORLD FUEL SERVICES CORPORATION and SUBSIDIARIES PROPERTIES Location Principal Use Lease Expiration Corporate 9800 Northwest 41st Street, Suite 400 Miami, FL 33178, USA Marine Segment 9800 Northwest 41st Street, Suite 400 Miami, FL 33178, USA Raritan Plaza III 101...

  • Page 25
    ... Point, South Africa 8001 Westminster Tower 3 Albert Embankment London SE1 7SP, United Kingdom Gammelbyved 2 Karise, Denmark 4653 Vasteland 6 3011 BK Rotterdam, Netherlands Niels Juels gate 11 B 0272 Oslo, Norway Oficentro Ejécutivo La Sabana Sur, Edificio #7, Piso 2 San José, Costa Rica Avenida...

  • Page 26
    ..., Suite 400 Miami, FL 33178, USA 333 Cypress Run #200 Houston, Texas 77094, USA 4995 East Anderson Avenue Fresno, CA 93727, USA 238A Thompson Road #17-08 Novena Square Tower A, Singapore 307684 Kingfisher House, Northwood Park, Gatwick Road Crawley, West Sussex, RH10 2XN, United Kingdom Oficentro Ej...

  • Page 27
    .... In June 2005, World Fuel's motion to dismiss was granted and all claims against World Fuel relating to this action were dismissed. Panama Litigation In July 2005, Atlantic Service Supply, S.A. ("Atlantic"), a Panamanian fuel barge operator, filed suit against Tramp Oil & Marine Ltd. ("TOM...

  • Page 28
    ... II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Our common stock is traded on the New York Stock Exchange ("NYSE") under the symbol INT. As of March 10, 2006, there were 229 shareholders of record of our common stock, and the...

  • Page 29
    ... revolving credit facility agreement, see Note 2 to the accompanying consolidated financial statements, included herein, and "Liquidity and Capital Resources" in "Item 7-Management's Discussion and Analysis of Financial Condition and Results of Operations." On March 10, 2006, our Board of Directors...

  • Page 30
    ... 6. Selected Financial Data WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES SELECTED FINANCIAL DATA (In thousands, except earnings per share data) As of and for the Year ended March 31, 2002 (1)(2) Revenue ...Cost of sales ...Gross profit ...Operating expenses (3) ...Income from operations ...Other...

  • Page 31
    ... Factors." Overview We are engaged in the marketing and sale of marine and aviation fuel products and related services on a worldwide basis. In our marine segment, we offer marine fuel and related services to a broad base of maritime customers, including international container and tanker fleets and...

  • Page 32
    ..., transactions and profits. Reportable Segments We have two reportable operating segments: marine and aviation. Corporate expenses are allocated to the segments based on usage, where possible, or on other factors according to the nature of the activity. Financial information with respect to our...

  • Page 33
    ...goodwill is reviewed annually at year end...reporting segment is estimated using discounted cash flow and market capitalization methodologies. Revenue Recognition Revenue is recognized when fuel deliveries are made and title passes to the customer, or as fuel related services...the financial statement and...

  • Page 34
    ... increase in aviation segment sales volume was largely due to the growth in the fuel management business and additional sales to new and existing customers in our commercial business. Gross Profit. Our gross profit for 2005 was $178.7 million, an increase of $48.7 million, or 37.5%, as compared to...

  • Page 35
    ... million to general and administrative expenses. The increase in compensation and employee benefits was primarily due to higher performance based incentive compensation and new hires to support our global business. The increase in the provision for bad debts was due, in part, to customers located in...

  • Page 36
    to an increase in interest income in 2005 associated with higher average invested cash balances and interest rates versus 2004, partially offset by higher net interest expense and other financing costs associated with our revolving credit facility. Taxes. For 2005, our effective tax rate was 27.7%, ...

  • Page 37
    ...of higher credit quality, high volume commercial business, and the improvement in market conditions of our marine customers as well as the recording of bad debt expenses in 2003 relating to the write-off of receivables from two international airlines that filed for bankruptcy. Income from Operations...

  • Page 38
    ... in fixed assets for our businesses as we subcontract fueling services and maintain inventory at third party storage facilities. However, we have committed to an enterprise integration project which will result in a new company-wide information system conversion to support our business growth and...

  • Page 39
    ... amount of outstanding letters of credit. As of December 31, 2005, outstanding borrowings under our revolving credit facility totaled $20.0 million and our issued letters of credit totaled $34.4 million. The revolving credit facility contains certain operating and financial covenants with which we...

  • Page 40
    ...our credit facility, together with cash flows generated by operations will be sufficient to fund our working capital and capital expenditure requirements for the next twelve months. Our opinions concerning liquidity and our ability to obtain financing are based on currently available information. To...

  • Page 41
    ...-based compensation on the statement of income in the notes to the financial statements. In April 2005, the SEC amended Rule 4-01(a) of Regulation S-X, which deferred the compliance date for the adoption of the revised statement to the beginning of the next fiscal year, instead of the next reporting...

  • Page 42
    ... results of operations or financial position. Item 7A. Quantitative and Qualitative Disclosures About Market Risk Commodity We enter into derivative contracts in order to mitigate the risk of market price fluctuations in marine and aviation fuel, and to offer our customers fuel pricing alternatives...

  • Page 43
    ... at December 31, 2005. Foreign Currency The majority of our business transactions are denominated in United States dollars. However, in certain markets, primarily in Mexico, Colombia and the United Kingdom, payments to our aviation fuel suppliers and from some of our customers are denominated in...

  • Page 44
    ... we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as...

  • Page 45
    ... in our 2004 Annual Report on Form 10-K. In light of the material weakness described above, we performed additional procedures to ensure that the consolidated financial statements are prepared in accordance with generally accepted accounting principles. During the third quarter of 2005, we, with the...

  • Page 46
    ... likely to materially affect the Company's internal control over financial reporting during the quarter ended December 31, 2005. Item 9B. Other Information Amendment to Code of Corporate Conduct & Ethics On March 10, 2006, our Board of Directors approved a new Securities Trading Policy, which is...

  • Page 47
    ... Ownership Reporting Compliance" in our Proxy Statement for the 2006 Annual Meeting of Shareholders is incorporated herein by reference. Item 11. Executive Compensation The information set forth under the captions "Compensation of Executive Officers" and "Board of Directors-Compensation of Directors...

  • Page 48
    ..., 2002, with Mr. Michael Kasbar, President and Chief Operating Officer, is incorporated by reference to our Transition Report on Form 10-K filed March 20, 2003. Amendment to Employment Agreement with Mr. Paul Stebbins, Chairman to the Board of Directors and Chief Executive Officer, dated October 29...

  • Page 49
    ... with Mr. Michael S. Clementi, President and Chief Operating Officer of World Fuel Services, Inc., is incorporated by reference to our Annual Report on Form 10-K/A filed May 9, 2005. 2003 Executive Incentive Plan is incorporated by reference to our Schedule 14A filed April 23, 2004. Credit Agreement...

  • Page 50
    ... FIRM To the Stockholders and Board of Directors of World Fuel Services Corporation: We have completed integrated audits of World Fuel Services Corporation's 2005 and 2004 consolidated financial statements and of its internal control over financial reporting as of December 31, 2005, and an audit...

  • Page 51
    ... in our audit of the 2005 consolidated financial statements, and our opinion regarding the effectiveness of the Company's internal control over financial reporting does not affect our opinion on those consolidated financial statements. In our opinion, management's assessment that World Fuel Services...

  • Page 52
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share data) As of December 31, 2004 2005 Assets: Current assets: Cash and cash equivalents ...Short-term investments ...Accounts and notes receivable, net ...Inventories ...Prepaid ...

  • Page 53
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (In thousands, except earnings per share data) For the Year ended December 31, 2003 2004 2005 Revenue ...Cost of sales ...Gross profit ...Operating expenses: Compensation and employee benefits ...Provision for bad ...

  • Page 54
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (In thousands) Accumulated in Other Common Stock Capital Treasury Stock Excess of Retained Comprehensive Unearned Shares Amount Par Value Earnings Income Compensation Shares Amount Total Balance at ...

  • Page 55
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) For the Year ended December 31, 2003 2004 2005 Cash flows from operating activities: Net income ...Adjustments to reconcile net income to net cash provided by (used in) operating activities: ...

  • Page 56
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS-(Continued) (In thousands) We paid cash and issued equity securities in connection with the acquisition of Tramp Oil in 2004, which was accounted for under the purchase method. There were no acquisitions during ...

  • Page 57
    ... the Trans-Tec group of companies. We are engaged in the marketing and sale of marine and aviation fuel products and related services on a worldwide basis. In our marine segment, we offer marine fuel and related services to a broad base of maritime customers, including international container...

  • Page 58
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) The pro forma results of operations for 2004 reflect Tramp Oil's net loss of $0.7 million for the three months ended March 31, 2004, which includes the recording of charges incurred by ...

  • Page 59
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) customer's current credit worthiness, as determined by our review of our customer's credit information. We extend credit on an unsecured basis to most of our customers. Accounts receivable are ...

  • Page 60
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) value hedging instrument becomes ineffective and any previously recorded fair market value changes are not adjusted until the fuel is sold. Cash Flow Hedges. We enter into interest rate swaps in ...

  • Page 61
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) ...reporting unit, which is the same as our reporting segment, with its carrying amount, including goodwill. The fair value of our reporting segment is estimated using discounted cash flow and market...

  • Page 62
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) methodologies. Based on results of these comparisons as of December 31, 2005, goodwill in each of our reporting units is not considered impaired. However, in the fourth quarter of 2005, we ...

  • Page 63
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) The fair value of each stock option and SSARs granted was estimated using the Black-Scholes option pricing model. The following table summarizes the weighted average fair value of the stock ...

  • Page 64
    ... shares issued pursuant to the stock split were distributed on February 15, 2005 to stockholders of record as of February 1, 2005. In connection with the stock split, on January 31, 2005, our Board of Directors approved an increase in World Fuel's authorized common stock from 25 million shares to...

  • Page 65
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) common stock equivalents arising out of non-employee stock options, employee director stock options, SSARs, stock units, warrants and non-vested restricted common stock. Our net income is the same...

  • Page 66
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) Recent Accounting Pronouncements Accounting for Purchases and Sales of Inventory with the Same Counterparty. In September 2005, the Emerging Issues Task Force issued Issue No. 04-13 ("EITF 04-13...

  • Page 67
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) enactment date or the first tax year that begins during the one-year period beginning on the enactment date. FSP No. 109-2 provides entities ...

  • Page 68
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) to which we are a party, and impair our ability to obtain working capital advances and letters of credit, which could have a material adverse effect on our business, financial condition and ...

  • Page 69
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) The income tax provision (benefit) related to operating income consist of the following components (in thousands): 2003 2004 2005 Current: U.S. federal statutory tax rate ...State ...Foreign ......

  • Page 70
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) The temporary differences which comprise our net deferred income tax assets are as follows (in thousands): As of December 31, 2004 2005 Excess of provision for bad debts over charge-offs ...Net ...

  • Page 71
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) rules, regulations, court cases and other available information and are continuously monitored by management. Management believes the tax contingencies are reasonable although the amounts may ...

  • Page 72
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) Stock Repurchase Programs Our Board of Directors, from time to time, has authorized stock repurchase programs under the terms of which we may repurchase our common stock, subject to certain ...

  • Page 73
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) maximizing shareholder return, and to permit the Compensation Committee to use a broader range of stock incentives, such as stock appreciation rights, performance share awards and restricted stock...

  • Page 74
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) Unvested restricted common stock will vest between January 2006 and June 2009. In April 2004, we granted 38 thousand shares of restricted common stock in connection with our acquisition of Tramp ...

  • Page 75
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) The following table summarizes the exercise prices of our stock options outstanding and exercisable at December 31, 2005 (in thousands, except weighted average exercise price data and contractual ...

  • Page 76
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) Lease Commitments As of December 31, 2005, our future minimum lease payments under non-cancelable operating leases were as follows (in thousands): Year Ended December 31, 2006 ...2007 ...2008 ......

  • Page 77
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) Asia and Latin America, as well as potential future terrorist activities and possible military retaliation. Any credit losses, if significant, will have a material adverse effect on our financial ...

  • Page 78
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) if specified performance goals are attained. Some executive officers and key employees are also entitled to severance benefits upon termination or non-renewal of their contracts under certain ...

  • Page 79
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) We maintain long-term service programs under which certain key employees receive cash awards for longterm service. Our liabilities under these programs were $0.1 million and $0.2 million at ...

  • Page 80
    .... In June 2005, World Fuel's motion to dismiss was granted and all claims against World Fuel relating to this action were dismissed. Panama Litigation In July 2005, Atlantic Service Supply, S.A. ("Atlantic"), a Panamanian fuel barge operator, filed suit against Tramp Oil & Marine Ltd. ("TOM...

  • Page 81
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) authorize Isthmian to enter into any agreement with Atlantic, nor did TOM request that Isthmian utilize Atlantic to provide services on its behalf. We do not believe that Isthmian acted as TOM's ...

  • Page 82
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) PAFCO, we recorded minority interest in income of consolidated subsidiaries of $0.3 million for 2004 and 2005 in the accompanying consolidated statements of income. The following table summarizes ...

  • Page 83
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) Information concerning our revenue, income from operations...2004 2005 Revenue: Marine segment ...Aviation segment ...Income from operations: Marine segment ...Aviation segment ...Corporate overhead...

  • Page 84
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) Geographic Information Information concerning our revenue, income from operations and total assets, as segregated between U.S. and foreign, is presented as follows, based on the country of ...

  • Page 85
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS-(Continued) 8. Summary Quarterly Information (Unaudited) The following is a summary of the unaudited quarterly results for 2004 and 2005 (in thousands, except earnings per share data): March 31, 2004 June 30,...

  • Page 86
    ... 2006. WORLD FUEL SERVICES CORPORATION By: /S/ MICHAEL J. KASBAR Michael J. Kasbar Director, President, and Chief Operating Officer Pursuant to the requirements of the Securities Exchange Act of 1934, this Form 10-K has been signed below by the following persons on behalf of the registrant and in...

  • Page 87
    ... OF THE CHIEF EXECUTIVE OFFICER pursuant to Rule 13a-14(a) or Rule 15d-14(a) I, Paul H. Stebbins, certify that: 1. 2. I have reviewed this Annual Report on Form 10-K of World Fuel Services Corporation; Based on my knowledge, this report does not contain any untrue statement of a material fact...

  • Page 88
    ... OF THE CHIEF OPERATING OFFICER pursuant to Rule 13a-14(a) or Rule 15d-14(a) I, Michael J. Kasbar, certify that: 1. 2. I have reviewed this Annual Report on Form 10-K of World Fuel Services Corporation; Based on my knowledge, this report does not contain any untrue statement of a material fact...

  • Page 89
    ... over financial reporting; and 3. 4. b. c. d. 5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or...

  • Page 90
    ... over financial reporting; and 3. 4. b. c. d. 5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or...

  • Page 91
    ... Section 1350) We, Paul H. Stebbins, the Chairman and Chief Executive Officer of World Fuel Services Corporation (the "Company"), Michael J. Kasbar, the President and Chief Operating Officer of the Company, Robert S. Tocci, Executive Vice-President and Chief Financial Officer of the Company and...

  • Page 92
    ... de Janeiro, Brazil 20040 007 Telephone: 55 2125 792118 Fax: 55 21 25 279574 Argentina Tucuman 373 Pis 3, 1049 CF Buenos Aires, Argentina Telephone: 54 11 4312 2600 Fax: 54 11 4312 9496 AVIATION FUEL SERVICES DIRECTORY OF OFFICES United States 9800 N.W. 41st Street, Suite 400 Miami, Florida 33178...

  • Page 93
    CORPORATE INFORMATION Board of Directors Paul H. Stebbins Chairman and Chief Executive Officer World Fuel Services Corporation Michael J. Kasbar President and Chief Operating Officer World Fuel Services Corporation Ken Bakshi Member of the Compensation Committee, Governance Committee and Technology ...

  • Page 94
    9800 N.W. 41st Street • Suite 400 • Miami, Florida 33178 (305) 428-8000 • (305) 392-5621 Fax www.wfscorp.com • (NYSE: INT)