World Fuel Services 2007 Annual Report Download - page 52

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ˆ1KGX9SH6MBSXLXW@Š
1KGX9SH6MBSXLXW
64435 TX 44WORLD FUEL SERVICES
ANNUAL REPORT
28-Feb-2008 00:11 EST
CLN PSTAM
RR Donnelley ProFile SER kirkw0cm
START PAGE
8*
PMT 2C
CHMFBUAC350855
9.9.26
WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
As of December 31,
2007 2006
Assets:
Current assets:
Cash and cash equivalents ............................................ $ 36,151 $ 176,495
Restricted cash ..................................................... 10,000 —
Short-term investments .............................................. 8,100 12,500
Accounts receivable, net ............................................. 1,370,656 860,084
Inventories ........................................................ 103,029 74,519
Receivables related to short-term derivative contracts ...................... 86,531 37,070
Prepaid expenses and other current assets ............................... 50,841 35,423
Total current assets ............................................. 1,665,308 1,196,091
Property and equipment, net .............................................. 36,870 26,730
Goodwill ............................................................. 52,104 44,321
Identifiable intangible assets, net .......................................... 26,478 4,961
Receivables related to long-term derivative contracts .......................... 7,108 —
Non-current income tax receivable ......................................... 4,232 —
Other assets ........................................................... 5,946 5,297
Total assets ............................................... $1,798,046 $1,277,400
Liabilities:
Current liabilities:
Short-term debt .................................................... $ 53 $ 10
Accounts payable .................................................. 1,066,971 720,790
Payables related to short-term derivative contracts ........................ 88,302 34,209
Customer deposits .................................................. 38,452 23,399
Accrued expenses and other current liabilities ............................ 37,333 48,353
Total current liabilities .......................................... 1,231,111 826,761
Long-term debt ........................................................ 45,191 20,062
Non-current income tax payable ........................................... 25,791 —
Payables related to long-term derivative contracts ............................. 7,115 —
Deferred compensation and other long-term liabilities .......................... 4,961 4,608
Total liabilities ............................................ 1,314,169 851,431
Commitments and contingencies
Shareholders’ Equity:
Preferred stock, $1.00 par value; 100,000 shares authorized, none issued ........... — —
Common stock, $0.01 par value; 50,000,000 shares authorized, 28,579,000 shares and
28,488,000 shares issued and outstanding at December 31, 2007 and 2006,
respectively 286 285
Capital in excess of par value ............................................. 179,799 170,275
Retained earnings ...................................................... 303,757 255,245
Accumulated other comprehensive income .................................. 35 164
Total shareholders’ equity ........................................ 483,877 425,969
Total liabilities and shareholders’ equity ........................ $1,798,046 $1,277,400
The accompanying notes are an integral part of these consolidated financial statements.
44