World Fuel Services 2014 Annual Report Download - page 3

Overview
World Fuel is strategically situated at the
dynamic crossroads of the global energy and
transportation industries, providing global fuel
supply and comprehensive services for
marine, aviation and land-based markets.
From our core of diversified downstream
distribution logistics, financial and specialty
services, operational support and information
technology, we combine and scale our capa-
bilities into robust solutions, meeting our
customers’ worldwide needs while continuing
to drive shareholder value.
Change is constant but in many markets we
continue to be the long-term, reliable channel
for energy and transportation products and
services. Customers and suppliers look to our
leadership, knowledge and expertise as they
maneuver through fuel price volatility, regula-
tory changes and overall global economic
instability. The current fast-paced market
environment feeds our entrepreneurial drive,
suits our asset-light responsive business
model and leverages our core competency of
risk management.
Performance
In 2014, we sold a record 16.8 billion gallons
of fuel, representing nearly 2% of global liquid
fuel supply. The diversity of our business
model and the increasing strength of our
global supply network remain key drivers of
our continued growth. While we weathered
seasonal influences, ongoing market chal-
lenges in certain lines of business and volati-
lity in the world economy, we again strength-
ened our portfolio through the integration of
multiple strategic acquisitions.
Early in the year, we acquired Watson Petro-
leum, a leading distributor of gasoline, diesel,
heating oil, lubricants and other products and
services across the United Kingdom (UK). In
combination with our existing UK land busi-
ness and several “bolt-on” acquisitions, we
have further solidified Watson’s position as
one of the largest distributors of ground-
based fuels, lubricants and services in the
UK. Watson broadens our customer base and
geographical footprint, and we are focused on
expanding their offerings with our suite of
Shareholder
Letter
complementary products and services —
from technology, natural gas supply and elec-
tricity advisory services, to alternative fuels
and risk management. Furthermore, we will
gain efficiencies from integrated mid- and
back-office operations, allowing us to main-
tain quality as we scale our business.
We are able to maintain
the durability and diversity
of our business to deliver
strong results.
“
“
Michael J. Kasbar
Chairman & Chief Executive
Officer
In the second half of the year, we acquired
Colt International, a leading global provider of
aviation contract fuel and trip support ser-
vices. Our combined customer base represents
one of the largest contract fueling networks in
the business and general aviation market and
expands our global presence. The joint
strength of the Colt and World Fuel interna-
tional trip support platforms enhances our
global network’s service level and drives stra-
tegic synergies within the business and gen-
eral aviation marketplace.
Looking Forward
In 2015, we will continue to transform our
business through the multitude of opportuni-
ties within our reach around the globe. With
long-term investments in people and tech-
nology, we are able to maintain the durability
and diversity of our business to deliver strong
results. As well, our strong and liquid balance
sheet provides us with the capacity to conti-
nue investing in a growing suite of strategic
growth opportunities. We gratefully acknowl-
edge the commitment and effort of more than
4,000 employees throughout the world, and
the ongoing and valued support of our
customers, suppliers and shareholders.