World Fuel Services 2007 Annual Report Download - page 9

Download and view the complete annual report

Please find page 9 of the 2007 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 100

  • 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
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100

ˆ1KGX9SH6M04Q=1W9Š
1KGX9SH6M04Q=1W
64435 TX 1WORLD FUEL SERVICES
ANNUAL REPORT
27-Feb-2008 23:11 EST
CLN PSTAM
RR Donnelley ProFile SER davij0cm
START PAGE
6*
PMT 2C
CHMFBUAC350708
9.9.26
PART I
Item 1. Business
Overview
World Fuel Services Corporation (the “Company”) was incorporated in Florida in July 1984 and along with
its consolidated subsidiaries is referred to collectively in this Annual Report on Form 10-K (“Form 10-K”) as
“World Fuel,” “we,” “our” and “us.” We commenced business as a recycler and reseller of fuel. We have since
ceased the activities of a recycler. In 1986, we diversified our operations by entering the aviation fuel services
business. In 1995, we entered the marine fuel services business by acquiring the Trans-Tec group of companies.
In 2003, we entered the land fuel services business.
We are engaged in the marketing and sale of marine, aviation and land fuel products and related services on
a worldwide basis. In our marine segment, we offer fuel and related services to a broad base of maritime
customers, including international container and tanker fleets and time-charter operators, as well as to the United
States and foreign governments. In our aviation segment, we offer fuel and related services to major commercial
airlines, second and third-tier airlines, cargo carriers, regional and low cost carriers, corporate fleets, fractional
operators, private aircraft, military fleets and to the United States and foreign governments. In December 2007,
we acquired Kropp Holdings, Inc., which we refer to as AVCARD, the brand name under which it does business.
AVCARD offers a private label charge card and sells aviation fuel and related services to the general aviation
industry. In our land segment, we offer fuel and related services to petroleum distributors operating in the land
transportation market. We compete by providing our customers value-added benefits including single-supplier
convenience, competitive pricing, the availability of trade credit, price risk management, logistical support, fuel
quality control and fuel procurement outsourcing.
We have offices located in the United States, United Kingdom, Denmark, Norway, the Netherlands,
Germany, Greece, Turkey, the United Arab Emirates, Russia, Taiwan, South Korea, Singapore, Japan, Hong
Kong, Costa Rica, Brazil, Chile, Argentina, Mexico, Colombia, Canada and South Africa. See “Item 2—
Properties” for a list of principal offices by business segment and “Exhibit 21.1—Subsidiaries of the Registrant”
included in this Form 10-K for a list of our subsidiaries.
Financial information with respect to our business segments (marine, aviation and land) and the geographic
areas of our business is provided in Note 10 to the accompanying consolidated financial statements included in
this Form 10-K.
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) 428-8000. Our internet address is www.wfscorp.com and the investor
relations section of our website is located at http://ir.wfscorp.com. We make available free of charge, on or through the
investor relations section of our website, our Annual Reports on Form 10-K, Quarterly Reports on 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”) as soon as reasonably practicable after such material is electronically filed with, or furnished to, the SEC. Also
posted on our website are our Code of Corporate Conduct and Ethics, Board of Directors’ committee charters, and
Corporate Governance Principles. If we make any substantive amendments to our Code of Corporate Conduct and
Ethics (the “Code”) or grant any waiver, including any implicit waiver, from a provision of the Code to our Chief
Executive Officer, Chief Financial Officer or Corporate Controller, we will disclose the date and 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 our internet website are not part of this Form 10-K and are not
incorporated by reference in this Form 10-K.
1