World Fuel Services 2005 Annual Report Download - page 24

Download and view the complete annual report

Please find page 24 of the 2005 World Fuel Services annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 94

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94

as a potentially responsible party for the clean up of such disposal facilities and may be held liable for these and
other clean up costs pursuant to United States federal and state laws and regulations. In addition, under these
laws and regulations, we may be required to clean up facilities previously operated by us.
If the material weakness in our internal control over financial reporting identified below is not
remediated, it could result in material misstatements in our financial statements in the future, which
would result in additional restatements, impact our ability to timely file our financial statements, or cause
defaults under our revolving credit facility.
Section 404 of the Sarbanes-Oxley Act of 2002 requires that we establish and maintain an adequate internal
control structure and procedures for financial reporting and assess on an ongoing basis the design and operating
effectiveness of our internal control structure and procedures for financial reporting. As of December 31, 2005,
management concluded that there was a material weakness in our internal control over financial reporting
relating to the accounting and financial reporting of our derivative program.
We have implemented measures to ensure the accuracy of our financial statements and to attempt to
remediate this material weakness. If this material weakness is not remediated, it could result in material
misstatements in our financial statements in the future, which would result in future restatements, impact our
ability to timely file our financial statements or cause defaults under our revolving credit facility. As a result, our
ability to obtain additional financing on favorable terms and the market value of our securities could be
materially and adversely affected, which, in turn, could materially and adversely affect our business and financial
condition.
Item 1B. Unresolved Staff Comments
None.
Item 2. Properties
The following pages set forth our principal leased properties by segment as of March 10, 2006. We consider
our properties and facilities to be suitable and adequate for our present needs and do not anticipate that we will
experience difficulty in renewing 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
Executive and administrative
office
Two leases: May 2011
and March 2013
Marine Segment
9800 Northwest 41st Street, Suite 400
Miami, FL 33178, USA
Executive and administrative
office
March 2013
Raritan Plaza III
101 Fieldcrest Avenue Suite 2B
Edison, NJ 08837, USA
Administrative, operations and
sales office
January 2010
2 Greenwich Office Park
Greenwich, CT 06830, USA
Administrative, operations and
sales office
December 2006
1101 Fifth Avenue, Suite 280
San Rafeal, CA 94901, USA
Administrative, operations and
sales office
July 2008
238A Thompson Road #17-08
Novena Square Tower A, Singapore 307684
Administrative, operations and
sales office
December 2006
10