World Fuel Services 2014 Annual Report Download - page 8

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During each of the years presented in the accompanying consolidated statements of income and comprehensive income,
none of our land customers accounted for more than 10% of total consolidated revenue.
Competitors
Our competitors within the highly fragmented world-wide downstream markets of aviation, marine and land fuel are
numerous, ranging from large multinational corporations, principally major oil producers, which have significantly greater
capital resources, to relatively small and specialized firms. We compete with the major oil producers that market fuel directly
to the large commercial airlines, shipping companies and petroleum distributors operating in the land transportation market
as well as fuel resellers. We believe that our extensive market knowledge, worldwide presence, logistical expertise,
extension of credit and use of derivatives to provide fuel pricing alternatives give us the ability to compete in the marketplace.
Employees
As of February 5, 2015, we employed 4,041 people worldwide.
Regulation
Our current and past activities are subject to substantial regulation by federal, state and local government agencies, inside
and outside the United States, which enforce laws and regulations governing the transportation, sale, storage and disposal
of fuel and the collection, transportation, processing, storage, use and disposal of hazardous substances and wastes,
including waste oil and petroleum products. For example, U.S. federal and state environmental laws applicable to us include
statutes that: (i) allocate the cost of remedying contamination among specifically identified parties and prevent future
contamination; (ii) impose national ambient standards and, in some cases, emission standards, for air pollutants that present
a risk to public health or welfare; (iii) govern the management, treatment, storage and disposal of hazardous wastes; and
(iv) regulate the discharge of pollutants into waterways. International treaties also prohibit the discharge of petroleum
products at sea. The penalties for violations of environmental laws include injunctive relief, recovery of damages for injury
to air, water or property, and fines for non-compliance. See “Item 1A – Risk Factors,” and “Item 3 – Legal Proceedings.”
We may also be affected by new environmental laws and regulations that will apply to us or our customers in the future,
some of which could increase the cost or reduce the demand for our products and services. For example, due to concern
over the risk of climate change, a number of countries have adopted, or are considering the adoption of, regulatory
frameworks to reduce greenhouse gas emissions. In the U.S., the U.S. Environmental Protection Agency has finalized rules
requiring the reporting of greenhouse gas (“GHG”) emissions by petroleum product suppliers and facilities meeting certain
annual emissions thresholds and to regulate emissions from major sources of GHGs under the Clean Air Act. In other
countries, proposed regulations include adoption of cap and trade regimes, carbon taxes, restrictive permitting, increased
efficiency standards, and incentives or mandates for renewable energy. Although the ultimate impact of these or other
future measures is difficult to accurately predict, they could make our products more expensive or reduce demand for
petroleum products, as well as shift demand toward relatively lower-carbon sources. This, in turn, could affect our
operations, earnings and competitive position.
Forward-Looking Statements
Certain statements made in this report and the information incorporated by reference in it, or made by us in other reports,
filings with the SEC, press releases, teleconferences, industry conferences or otherwise, are “forward-looking statements”
within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements include, without
limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may
contain the words “believe,” “anticipate,” “expect,” “estimate,” “project,” “could,” “would,” “will,” “will be,” “will continue,” “will
likely result,” “plan,” or words or phrases of similar meaning.
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. The Company’s actual results may 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 2014 10-K Report include, but are not limited to, our expectations regarding
our business strategy, business prospects, operating results, ability to collect outstanding receivables, potential liabilities
and the extent of any insurance coverage, the impact of litigation and other proceedings, effectiveness of internal controls
to manage risk, 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, outcome of pending
litigation and other proceedings, competitive conditions, general economic conditions and synergies relating to acquisitions,