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ˆ1KGX9SH6SK46P3W~Š
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64435 TX 48WORLD FUEL SERVICES
ANNUAL REPORT
28-Feb-2008 12:08 EST
CLN PSTAM
RR Donnelley ProFile SER willj0da
START PAGE
7*
PMT 2C
TX8724AC351073
9.9.26
WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS – (Continued)
(In thousands)
We acquired Kropp Holdings, Inc., which does business under the brand name of AVCARD in December
2007 and the remaining 33% of the outstanding equity interest of Tramp Oil (Brasil) Limitada (“Tramp Oil
Brazil”) in March 2006. There were no acquisitions in 2005. The following reconciles the estimated fair values of
the assets acquired, liabilities assumed and promissory notes issued at acquisition date with cash paid for the
acquisition of the businesses, net of cash acquired:
For the Year ended December 31,
2007 2006 2005
Assets acquired:
Cash ........................................ $ 3,438 $ — $—
Accounts receivable ........................... 58,170 — —
Prepaid expenses and other current assets ........... 1,179 — —
Property and equipment ........................ 1,586 — —
Identifiable intangible assets ..................... 22,900 500 —
Goodwill .................................... 7,783 2,199 —
Deferred tax assets ............................ 360 — —
Liabilities assumed:
Accounts payable ............................. (29,904) — —
Customer deposits ............................. (713) — —
Accrued expenses and other current liabilities ....... (453) — —
Long-term liabilities ........................... (1,001) — —
Purchase price .................................. 63,345 2,699 —
Promissory notes issued .......................... (5,000) (53) —
Cash paid for acquisition of business ................ 58,345 2,646 —
Cash acquired .................................. (3,438) — —
Cash paid for acquisition of business, net of cash
acquired ..................................... $54,907 $2,646 $—
Supplemental Schedule of Noncash Investing and Financing Activities
Cash dividends declared, but not yet paid, of $1.1 million are included in accrued expenses and other current
liabilities as of December 31, 2007 and 2006.
In 2007, we issued a promissory note of approximately $5.0 million in connection with our acquisition of
AVCARD. In 2006, we issued a promissory note of approximately $0.1 million in connection with our
acquisition of the remaining 33% of the outstanding equity interest of Tramp Oil Brazil from the minority
owners. See “Acquisitions” in Note 1 in the accompanying notes for additional information.
In 2007 and 2006, we had capital expenditures of approximately $1.3 million and $1.2 million, respectively,
which were included in accrued expenses and other current liabilities as of December 31, 2007 and 2006,
respectively.
The accompanying notes are an integral part of these consolidated financial statements.
48