World Fuel Services 2014 Annual Report Download - page 27

Download and view the complete annual report

Please find page 27 of the 2014 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 89

  • 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

22
Item 6. Selected Financial Data
The following selected consolidated financial data should be read in conjunction with the consolidated financial statements
and related notes thereto and Part II, Item 7 of this report appearing under the caption, “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” and other financial data and “Risk Factors” included elsewhere
in this 2014 10-K Report. The historical results are not necessarily indicative of the operating results to be expected in the
future. All financial information presented has been prepared in U.S. dollars and in accordance with accounting principles
generally accepted (“GAAP”) in the United States.
WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES
SELECTED CONSOLIDATED FINANCIAL DATA
(In thousands, except earnings and dividends per share data)
For the Year ended December 31,
2014 (1) 2013 (2) 2012 (3) 2011 (4) 2010 (5)
Revenue $ 43,386,389 $ 41,561,947 $ 38,945,338 $ 34,622,854 $ 19,131,147
Cost of revenue 42,572,767 40,809,189 38,271,891 33,987,851 18,689,006
Gross profit 813,622 752,758 673,447 635,003 442,141
Operating expenses (6) 544,474 488,400 416,424 378,031 261,275
Income from operations 269,148 264,358 257,023 256,972 180,866
Non-operating income (expenses), net (7) 403 (17,693) (17,428) (18,769) (3,336)
Income before income taxes 269,551 246,665 239,595 238,203 177,530
Provision for income taxes 51,144 39,505 38,244 39,001 31,027
Net income including noncontrolling interest 218,407 207,160 201,351 199,202 146,503
Net (loss) income attributable to noncontrolling
interest (3,340) 4,085 12,006 5,173 (362)
Net income attributable to World Fuel (7) $ 221,747 $ 203,075 $ 189,345 $ 194,029 $ 146,865
Basic earnings per common share (7) $ 3.13 $ 2.85 $ 2.66 $ 2.74 $ 2.36
Basic weighted average common shares 70,750 71,224 71,154 70,687 62,168
Diluted earnings per common share (7) $ 3.11 $ 2.83 $ 2.64 $ 2.71 $ 2.31
Diluted weighted average common shares 71,323 71,800 71,817 71,510 63,441
Cash dividends declared per common share $ 0.15 $ 0.15 $ 0.15 $ 0.15 $ 0.15
As of December 31,
2014 (1) 2013 (2) 2012 (3) 2011 (4) 2010 (5)
Cash, cash equivalents and short-term
investments $ 302,264 $ 292,061 $ 172,740 $ 205,415 $ 272,893
Accounts receivable, net 2,307,852 2,538,642 2,193,866 2,160,561 1,386,700
Total current assets 3,674,843 3,815,501 3,281,377 3,122,227 2,067,867
Total assets 4,879,980 4,739,277 4,107,751 3,697,246 2,566,450
Total current liabilities 2,241,354 2,514,515 2,149,298 2,026,142 1,358,484
Total long-term liabilities 773,745 545,868 416,829 324,386 81,402
Total equity (8) 1,864,881 1,678,894 1,541,624 1,346,718 1,126,564
(1) In 2014, we acquired i) all of the outstanding stock of Watson Petroleum Limited (now known as WFL (UK) Limited)
(“Watson Petroleum”) on March 7th, ii) all of the outstanding stock of Colt International, L.L.C. (“Colt”) on July 29th, and
iii) completed three additional acquisitions which were not material, individually or in the aggregate. The financial
position and results of operations of these acquisitions have been included in our consolidated financial statements
since their respective acquisition dates.
(2) In 2013, we completed three acquisitions which were not material individually or in the aggregate. The financial position
and results of operations of these acquisitions have been included in our consolidated financial statements since their
respective acquisition dates.
(3) In 2012, we acquired i) certain assets of CarterEnergy Corporation, including the assets comprising its wholesale motor
fuel distribution business (the “CarterEnergy business”) on September 1st, ii) certain assets of Multi Service Corporation,
including the assets comprising its transaction management business, and all of the outstanding stock of its foreign
subsidiaries (the “Multi Service business”) on December 31st and iii) completed three additional acquisitions which were
not material individually or in the aggregate. The financial position and results of operations of these acquisitions have
been included in our consolidated financial statements since their respective acquisition dates.