World Fuel Services 2005 Annual Report Download - page 17

During each of the periods presented in the accompanying consolidated statements of income, none of our
aviation customers accounted for more than 10% of total consolidated revenue.
Employees
As of March 10, 2006, we employed 647 people worldwide, of which 213 are employed in our marine
segment, 287 are employed in our aviation segment, and 147 are employed in corporate.
Regulation
The principal laws and regulations affecting our businesses are as follows:
Environmental Regulations. Our current and past activities are subject to substantial regulation by
federal, state and local government agencies, inside and outside the United States, which enforce laws and
regulations governing the transportation, sale, storage and disposal of fuel and the collection, transportation,
processing, storage, use and disposal of hazardous substances and wastes, including waste oil and petroleum
products. For example, United States Federal and state environmental laws applicable to us include statutes
that: (i) allocate the cost of remedying contamination among specifically identified parties, and prevent future
contamination; (ii) impose national ambient standards and, in some cases, emission standards, for air
pollutants that present a risk to public health or welfare; (iii) govern the management, treatment, storage and
disposal of hazardous wastes; and (iv) regulate the discharge of pollutants into waterways. International
treaties also prohibit the discharge of petroleum products at sea. The penalties for violations of environmental
laws include injunctive relief, recovery of damages for injury to air, water or property, and fines for
non-compliance. See “Item 1A—Risk Factors,” above, and “Item 3—Legal Proceedings.”
Taxes on Fuel. We are affected by various taxes imposed on the purchase and sale of marine and aviation
fuel products. These taxes include sales, excise, goods and services taxes (“GST”), value added taxes (“VAT”)
and other taxes, and are collectively referred to as “transaction taxes.” The transaction taxes imposed on marine
and aviation fuel purchasers and sellers are also subject to various full and partial exemptions. Subject to
exemptions available at the time of the transaction, in general, we pay the appropriate transaction tax to the
supplier or charge the appropriate transaction tax to the customer. We monitor our compliance with U.S. and
foreign laws that impose transaction taxes on our operations. However, in certain cases, we may be responsible
for additional transaction taxes if the customer or we do not qualify for an exemption believed to be available at
the time of purchase and/or sale.
Business, Fuel and Other Licenses. In certain jurisdictions, we are required to maintain business, fuel and/or
other licenses in order to operate our business and/or purchase and sell fuel.
Available Information
We file our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q (“Form 10-Q”), Current
Reports on Form 8-K, Proxy Statements and amendments to those reports filed or furnished pursuant to
Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”) with the Securities and
Exchange Commission (“SEC”). The public may read and copy any materials that we file with the SEC at the
SEC’s Public Reference Room at 450 Fifth Street, NW, Washington, DC 20549. The public may obtain
information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. The SEC
maintains 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 [phone]. Our internet website address is www.wfscorp.com.
We make available on our internet website, free of charge, our latest Form 10-K, Form 10-Q and other SEC
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