World Fuel Services 2008 Annual Report Download - page 13
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Forward-looking statements are estimates and projections reflecting our best judgment and involve risks,
uncertainties or other factors relating to our operations and business environment, all of which are difficult to
predict and many of which are beyond our control which may cause actual results to differ materially from the
future results, performance or achievements expressed or implied by the forward-looking statements. These
statements are based on our management’s expectations, beliefs and assumptions concerning future events
affecting us, which in turn are based on currently available information.
Examples of forward-looking statements in this report include, but are not limited to, our expectations
regarding our business strategy, business prospects, operating results, working capital, liquidity, capital
expenditure requirements and future acquisitions. Important assumptions relating to the forward-looking
statements include, among others, assumptions regarding demand for our products, the cost, terms and
availability of fuel from suppliers, pricing levels, the timing and cost of capital expenditures, outcomes of
pending litigation, competitive conditions, general economic conditions and synergies relating to acquisitions,
joint ventures and alliances. These assumptions could prove inaccurate. Although we believe that the estimates
and projections reflected in the forward-looking statements are reasonable, our expectations may prove to be
incorrect.
Important factors that could cause actual results to differ materially from the results and events anticipated
or implied by such forward-looking statements include, but are not limited to:
• customer and counterparty creditworthiness and our ability to collect accounts receivable and settle
derivative contracts;
• changes in the market price of fuel;
• changes in political, economic or regulatory conditions generally and in the markets in which we
operate;
• our failure to effectively hedge certain financial risks associated with the use of derivatives;
• non-performance by counterparties or customers on derivatives contracts;
• changes in credit terms extended to us from our suppliers;
• non-performance of suppliers on their sale commitments and customers on their purchase commitments;
• non-performance of third-party service providers;
• adverse conditions in the industries in which our customers operate, including a continuation of the
global recession and its impact on the airline and shipping industries;
• currency exchange fluctuations;
• failure of the fuel we sell to meet specifications;
• our ability to manage growth;
• our ability to integrate acquired businesses;
• material disruptions in the availability or supply of fuel;
• uninsured losses;
• the impact of natural disasters, such as hurricanes;
• our failure to comply with restrictions and covenants in our senior revolving credit facility (“Credit
Facility”);
• the liquidity and solvency of banks within our Credit Facility and the facility to sell certain of our
accounts receivable;
• increases in interest rates;
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