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ANNUAL REPORT 2015

Table of contents

  • Page 1
    ANNUAL REPORT 2015

  • Page 2
    ... TECHNOLOGY SOLUTIONS FINANCIAL SOLUTIONS CONSULTING SERVICES FOUNDED IN 1984 A leader in supplying energy products and related services to our customers across the globe. BILLION 20 COUNTRIES & TERRITORIES 200 4,700 EMPLOYEES GLOBAL SUPPLY | 20 billion gallons of fuel in 2015 Where we...

  • Page 3
    ... To Our Shareholders In a year marked by global economic and political turmoil, collapsing world oil prices, and foreign currency fluctuations, World Fuel Services' diversified energy solutions business model once again proved resilient and delivered solid results. Despite a perfect storm...

  • Page 4
    ... to COMMISSION FILE NUMBER 1-9533 WORLD FUEL SERVICES CORPORATION (Exact name of registrant as specified in its charter) Florida (State or other jurisdiction of incorporation or organization) 9800 Northwest 41st Street Miami, Florida (Address of principal executive offices) Registrant's telephone...

  • Page 5
    ... 37 38 Directors, Executive Officers and Corporate Governance Executive Compensation Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters Certain Relationships and Related Transactions, and Director Independence Principal Accounting Fees and Services 39 39...

  • Page 6
    ... 4,700 employees globally. Our principal executive office is located at 9800 Northwest 41st Street, Miami, Florida 33178 and our telephone number at this address is 305-428-8000. Our internet address is http://www.wfscorp.com and the investor relations section of our website is located at http://ir...

  • Page 7
    ... and delivery of fuel and fuel-related products. Land Segment Our land-related services include management services for the procurement of fuel and price risk management. We primarily conduct these activities throughout most of the U.S as well as parts of the United Kingdom and Brazil. In...

  • Page 8
    ... reference in it, or made by us in other reports, filings with the Securities and Exchange Commission ("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...

  • Page 9
    ...letters of credit with other suppliers of fuel and other services. While no single customer represents more than 10% of our total consolidated revenue, diversification of credit risk is limited because we transact primarily within the aviation, marine and land transportation industries. Our exposure...

  • Page 10
    ...certain instances. For example, we hedge jet fuel prices with derivatives tied to other petroleum products that often bear some historical correlation to aviation jet fuel (e.g. heating oil in the United States or gasoil in Europe or Asia). If the price of aviation jet fuel and the price of any such...

  • Page 11
    ...land based fuel. The failure of these third parties to perform these services in accordance with contractual terms for any reason, such as their inability to supply specified fuel... bribery both in the United Kingdom and internationally, as well as bribery across public and private sectors. As part of...

  • Page 12
    ... in very small amounts of revenue to us. We routinely take actions to further strengthen our compliance-related policies and procedures. Nevertheless, should OFAC determine that any activities constituted violations of U.S. sanctions regulations, civil penalties, including fines, could be assessed...

  • Page 13
    ... financial condition. In connection with various businesses we operate, such as our transaction management and payment processing businesses, we have access to sensitive, confidential or personal data or information from our employees, customers (both corporate and individual consumers), suppliers...

  • Page 14
    ...limited indemnities from sellers or ongoing indemnity obligations to purchasers. Adverse conditions in the aviation, marine and land transportation industries may have a material adverse effect on our business. Our business is focused on the marketing of fuel and other related products and services...

  • Page 15
    ...including audits and investigations which could identify violations of these agreements or applicable procurement regulations, such as the Federal Acquisition Regulation for contracts with the U.S. federal government. Such violations could result in a range of consequences including, but not limited...

  • Page 16
    ...decreased demand for our services and price risk management products. Low fuel prices also facilitate increased competition by reducing financial barriers to entry and enabling existing, lower-capitalized competitors to conduct more business as a result of lower working capital requirements. Finally...

  • Page 17
    ... terrorist activity, military action or other conditions disrupt the availability or supply of fuel. In addition, we rely on a single or limited number of suppliers for the provision of fuel and related products and services in certain markets. These parties may have significant negotiating leverage...

  • Page 18
    ...costs, there can be no assurance that costs associated with lawsuits or other legal proceedings will not exceed the limits of insurance policies. Our business, financial condition, results of operations and cash flows could be adversely affected if a judgment, penalty or fine is not fully covered by...

  • Page 19
    ...income taxes and taxes imposed on the purchase and sale of aviation, marine and land fuel products, such as sales, excise, value added tax, energy, environmental and other taxes. From time to time, we may also benefit from special tax concessions in certain jurisdictions. Changes in U.S. and foreign...

  • Page 20
    ... the use of derivatives, including Singapore and Europe, where we currently conduct certain derivatives activities. As regulations ...services, reduce the availability of derivatives to protect against risks we encounter, increase price volatility in commodities we buy and sell (and derivatives related...

  • Page 21
    ... Plymouth, MN 55441, USA 25 Mill Street Parish, NY 13131, USA Strommen 6 9400 Norresundby, Denmark 6000 Metcalf Ln Shawnee Mission, KS 66202, USA 8650 College Blvd Overland Park, KS 66210, USA Executive, administrative, operations and sales office for corporate, aviation, marine and land segments...

  • Page 22
    ...in various actions in both the United States and Canada, by multiple third parties seeking economic, compensatory and punitive damages allegedly caused by the Derailment. In addition, in 2013, the Quebec Minister for Sustainable Development, Environment, Wildlife and Parks (the "Minister") issued an...

  • Page 23
    ... of the net proceeds of all equity issuances made after October 2013. For additional information regarding our Credit Facility and Term Loans, see Note 6 to the accompanying consolidated financial statements, included herein, and "Liquidity and Capital Resources" in "Item 7 - Management's Discussion...

  • Page 24
    ...Energy Index for the five-year period from December 31, 2010 through December 31, 2015...Group. All rights reserved. Equity Compensation Plans The following table summarizes securities authorized for issuance related to outstanding restricted stock units... subject to the RSUs reported in column (a) and ...

  • Page 25
    ... and shares owned and tendered by employees to satisfy the required withholding taxes related to share-based payment awards, which are not deducted from shares available to be purchased under publicly announced programs. (2) In June 2015, our Board of Directors renewed its existing common stock...

  • Page 26
    ...GAAP") in the United States. WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES SELECTED CONSOLIDATED FINANCIAL DATA (In millions, except earnings and dividends per share data) 2015 (1) 2014 (2) For the Year ended December 31, 2013 (3) 2012 (4) 2011 (5) Revenue Cost of revenue Gross profit Operating...

  • Page 27
    ... included in our consolidated financial statements since their respective acquisition dates. (5) In 2011, we acquired i) all of the outstanding stock of Nordic Camp Supply ApS and certain affiliates ("NCS") and ii) all of the outstanding stock of Ascent Aviation Group, Inc. ("Ascent") on March 1st...

  • Page 28
    ...) Colt commencing on July 29, 2014; their respective acquisition dates. Selected financial information with respect to our business segments is provided in Note 11 to the accompanying consolidated financial statements included in this 2015 10-K Report. Results of Operations In our aviation and land...

  • Page 29
    ...compensation and employee benefits, $24.4 million was due to the inclusion of expenses from acquired businesses and $21.6 million was principally due to compensation... segments (in millions): 2015 2014 $ Change Aviation segment Marine segment Land segment Corporate overhead - unallocated Total ...

  • Page 30
    ...): 2015 2014 Net income attributable to World Fuel Share-based compensation expense, net of income taxes of $4.9 and $4.6 for 2015 and 2014, respectively Intangible asset amortization expense, net of income taxes of $6.0 and $6.6 for 2015 and 2014, respectively Expenses related to acquisitions...

  • Page 31
    ... financial measures. 2014 compared to 2013 Revenue. Our revenue for 2014 was $43.4 billion, an increase of $1.8 billion, or 4.4%, as compared to 2013. Our revenue during these periods was attributable to the following segments (in millions): 2014 2013 $ Change Aviation segment Marine segment Land...

  • Page 32
    ...$813.6 million, an increase of $60.8 million, or 8.1%, as compared to 2013. Our gross profit during these periods was attributable to the following segments (in millions): 2014 2013 $ Change Aviation segment Marine segment Land segment Total $ $ 321.6 205.6 286.4 813.6 $ $ 327.2 177.1 248.5 752...

  • Page 33
    ... in compensation and employee benefits was principally due to the inclusion of $27.3 million of expenses from acquired businesses and an executive non-renewal charge of $4.8 million related to the non-renewal of the employment agreement of our former Executive Chairman of the Board of Directors. The...

  • Page 34
    ... 0.20 0.03 - - $ 3.22 $ The non-GAAP financial measures exclude costs associated with share based compensation, amortization of acquired intangible assets, expenses related to acquisitions, the executive non-renewal charge and the gain on the sale of the crude oil venture interests (net of certain...

  • Page 35
    ... extended unsecured trade credit from our suppliers for our fuel purchases; however, certain suppliers require us to either prepay or provide a letter of credit. Increases in oil prices can negatively affect liquidity by increasing the amount of cash needed to fund fuel purchases as well as reducing...

  • Page 36
    ... and off-balance sheet arrangements are set forth below. For additional information on any of the following and other contractual obligations and off-balance sheet arrangements, see Notes 6 and 7 in the notes to the consolidated financial statements in Item 15 of this 2015 10-K Report. 31

  • Page 37
    ... accounting principles generally accepted in the United States. The preparation of these financial statements requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosure of contingent assets and liabilities...

  • Page 38
    ..., the related transportation costs and changes in the estimated fair market values for inventories included in a fair value hedge relationship. Derivatives We enter into financial derivative contracts in order to mitigate the risk of market price fluctuations in aviation, marine and land fuel, to...

  • Page 39
    ... latitude in establishing the sales price, have discretion in the supplier selection, maintain credit risk and are the primary obligor in the sales arrangement. Revenue from fuel-related services is recognized when services are performed, the sales price is fixed or determinable and collectability...

  • Page 40
    ... enter into in order to mitigate the risk of market price fluctuations in aviation, marine and land fuel in the form of swaps or futures as well as certain fixed price purchase and sale contracts and proprietary trading. In addition, non-designated derivatives are also entered into to hedge the risk...

  • Page 41
    ... Amount Hedge Strategy Settlement Period Derivative Instrument Notional Unit Fair Value Amount Fair Value Hedge 2016 2017 Commodity... at annual rates ranging from 3.0% to 6.3%. Our remaining outstanding debt of $11.0 million as of December 31, 2015 primarily relates to acquisition promissory...

  • Page 42
    ...registered certified public accounting firm, as stated in their report appearing herein. Changes in Internal Control over Financial Reporting As of December 31, 2015, we have included the Watson Petroleum and Colt businesses, which were acquired in 2014, in our assessment of the effectiveness of our...

  • Page 43
    ...our internal control over financial reporting during the quarter ended December 31, 2015. It should be noted that any system of controls, however well ...the likelihood of future events. Because of these and other inherent limitations of control systems, there is only the reasonable assurance that our ...

  • Page 44
    ...our Code of Conduct granted to our principal executive, financial and accounting officers on our website. The remaining information regarding our directors, executive officers and corporate governance is incorporated herein by reference from our Definitive Proxy Statement for the 2016 Annual Meeting...

  • Page 45
    ... Shareholders' Equity for 2015, 2014 and 2013. Consolidated Statements of Cash Flows for 2015, 2014 and 2013. Notes to the Consolidated Financial Statements. 43 44 45 46 47 49 (a)(2) Consolidated financial statement schedules have been omitted either because the required information is set forth in...

  • Page 46
    ... Proxy Statement on Schedule 14A filed with the SEC on April 27, 2009. * World Fuel Services Corporation 2013 Executive Incentive Plan (incorporated by reference herein to Exhibit 10.1 to our Current Report on Form 8-K filed on June 4, 2013). * Form of Named Executive Officer Restricted Stock Unit...

  • Page 47
    ... Rule 15d-14(a). Statement of Chief Executive Officer and Chief Financial Officer under Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350). The following materials from World Fuel Services Corporation's Annual Report on Form 10-K for the year ended December 31, 2015, formatted in...

  • Page 48
    ... sheets and the related consolidated statements of income and comprehensive income, shareholders' equity, and cash flows present fairly, in all material respects, the financial position of World Fuel Services Corporation and its subsidiaries (the "Company") at December 31, 2015 and 2014, and the...

  • Page 49
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (In millions, except per share data) As of December 31, 2015 2014 Assets: Current assets: Cash and cash equivalents Accounts receivable, net Inventories Prepaid expenses Short-term derivative assets, net Other current ...

  • Page 50
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (In millions, except earnings per share data) For the Year ended December 31, 2014 2013 2015 Revenue Cost of revenue Gross profit Operating expenses: Compensation and employee benefits ...

  • Page 51
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (In millions) Capital in Excess of Par Value Accumulated Other Comprehensive Loss Total World Fuel Shareholders' Equity Noncontrolling Interest Equity Common Stock Shares Amount Retained Earnings ...

  • Page 52
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) 2015 For the Year ended December 31, 2014 2013 Cash flows from operating activities: Net income including noncontrolling interest Adjustments to reconcile net income including noncontrolling ...

  • Page 53
    WORLD FUEL SERVICES CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS - (CONTINUED) (In millions) For the Year ended December 31, 2015 2014 2013 Supplemental Disclosures of Cash Flow Information Cash paid during the year for: Interest, net of capitalized interest Income taxes $ $...

  • Page 54
    ...collectively in this Annual Report on Form 10-K ("2015 10-K Report") as "World Fuel," "we," "our" and "us." We are a global fuel logistics, transaction management and payment processing company, which provides energy management solutions to the aviation, marine and land transportation industries. We...

  • Page 55
    ... known as WFL (UK) Limited) ("Watson Petroleum") a leading distributor of gasoline, diesel, heating oil, lubricants and other products and related services. Watson Petroleum is headquartered in Brinkworth, England and is one of the largest fuel distributors in the United Kingdom. The purchase price...

  • Page 56
    ... trademark/trade name rights. The following presents the unaudited pro forma results for 2014 and 2013, as if the 2014 acquisitions had been completed on January 1, 2013 (in millions, except per share data): 2014 (pro forma) 2013 (pro forma) Revenue Net income attributable to World Fuel Earnings...

  • Page 57
    ... generally accepted in the United States requires us to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during...

  • Page 58
    ...insurance contracts, derivative contracts and related...the best information available ...quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. We perform annual...either revenue or cost of revenue (...data as well as certain risks related to non...

  • Page 59
    ..., the related transportation costs and changes in the estimated fair market values for inventories included in a fair value hedge relationship. Derivatives We enter into financial derivative contracts in order to mitigate the risk of market price fluctuations in aviation, marine and land fuel, to...

  • Page 60
    ..., no further work is required and no impairment loss is recognized. If the carrying value exceeds the fair value, the goodwill of the reporting unit is potentially impaired and the Company would then complete step 2 in order to measure the impairment loss. In connection with our acquisitions, we...

  • Page 61
    .... We derecognized vendor liability accruals due to the legal release of our obligations in the amount of $8.2 million, $5.2 million and $8.5 million during 2015, 2014 and 2013, respectively, which is reflected as a reduction of cost of revenue in the accompanying consolidated statements of income...

  • Page 62
    ...), net, in the accompanying consolidated statements of income and comprehensive income in the period incurred. We recorded net foreign currency transaction losses of $1.9 million, $1.0 million and $2.8 million in 2015, 2014 and 2013, respectively. Revenues and expenses of the subsidiaries that...

  • Page 63
    ...millions, except per share amounts): 2015 2014 2013 Numerator: Net income attributable to World Fuel Denominator: Weighted average common shares for... reporting period in which the adjustment amounts are determined. It also requires that the acquirer record, in the same period's financial statements,...

  • Page 64
    ... new guidance will have an impact on our financial statement disclosures. Compensation-Stock Compensation. Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. In June 2014, the FASB issued an ASU which...

  • Page 65
    ... enter into in order to mitigate the risk of market price fluctuations in aviation, marine and land fuel in the form of swaps or futures as well as certain fixed price purchase and sale contracts and proprietary trading. In addition, non-designated derivatives are entered into to hedge the risk of...

  • Page 66
    As of December 31, 2015, our derivative instruments, at their respective fair value positions were as ...Weighted Average Mark-toMarket Amount Hedge Strategy Settlement Period Derivative Instrument Notional Unit Fair Value Amount Fair Value Hedge 2016 2017 Commodity contracts for inventory ...

  • Page 67
    ... instruments and related hedged items in fair value hedging relationships on our consolidated statements of income and comprehensive income (in millions): Derivative Instruments Location Realized and Unrealized Gain (Loss) For the year ended December 31, 2015 2014 2013 Hedged Items Location Realized...

  • Page 68
    ... and financial statement location of our derivative instruments not designated as hedging instruments on our consolidated statements of income and comprehensive income (in millions): Derivatives Location 2015 Realized and Unrealized Gain (Loss) For the Year ended December 31, 2014 2013 Commodity...

  • Page 69
    ... As of December 31, 2015 2014 Estimated Useful Lives Land Buildings and leasehold improvements Office equipment, furniture and fixtures ... million as of December 31, 2015 and 2014, respectively. For 2015, 2014 and 2013, we recorded amortization expense related to computer software costs of $10...

  • Page 70
    Goodwill The following table provides information regarding changes in goodwill (in millions): Aviation Segment Marine Segment Land Segment Total As of December 31, 2013 2014 acquisitions Adjustment of purchase price allocations - 2013 acquisitions Foreign currency translation of non-USD ...

  • Page 71
    ... obligations are payable in varying amounts through February 2023 and bear interest at annual rates ranging from 3.0% to 6.3% as of December 31, 2015. The other debt primarily relates to acquisition promissory notes and loans payable to noncontrolling shareholders of a consolidated subsidiary which...

  • Page 72
    ... business. Agreements with Executive Officers and Key Employees We have an agreement with our Chairman, President and Chief Executive Officer, Michael J. Kasbar, for his continued employment with the Company which provides for an annual base salary as determined by our Compensation Committee in its...

  • Page 73
    .... Michael S. Clementi that he would retire from his position as Aviation Segment President, effective March 16, 2015. In connection with the termination of his employment agreement, we recorded a charge totaling $3.8 million in March 2015, which included non-cash expenses of $0.8 million related to...

  • Page 74
    ...earlier date of leaving service. As part of the allocation of the estimated purchase price to assets acquired and liabilities assumed for Watson Petroleum, we recorded an assumed pension exit obligation of £9.6 million ($16.0 million). During 2015, we completed the pension buy-out, therefore, as of...

  • Page 75
    ...not be released. Substantially all of the liabilities incurred in connection with the incident have been recovered from insurance through December 31, 2015. As of December 31, 2015, the remaining outstanding amounts are not significant. Other Matters In connection with a theft of fuel product valued...

  • Page 76
    ... the long-term financial interest of World Fuel and its subsidiaries, including the growth in value of our equity and enhancement of long-term shareholder return. The persons eligible to receive awards under the 2006 Plan are our employees, officers, and members of the Board of Directors, or any...

  • Page 77
    ...2011 remain outstanding until the date the non-employee director ceases, for any reason, to be a member of the Board of Directors. Restricted Stock Awards The following table summarizes the status of our unvested restricted stock outstanding and related... vested during 2015, 2014 and 2013 was $9.9 ...

  • Page 78
    ...2013 was $15.3 million, $10.1 million and $11.3 million, respectively. SSAR Awards The following table summarizes the status of our outstanding and exercisable SSAR Awards and related... granted to employees and non-employee directors. The weighted average fair value of the SSAR Awards for 2015 was $14...

  • Page 79
    ... 0.6%. Unrecognized Compensation Cost As of December 31, 2015, there was $32.6 million of total unrecognized compensation cost related to unvested ...income before income taxes consist of the following (in millions): 2015 2014 2013 United States Foreign $ $ 1.2 218.1 219.3 $ $ 56.5 213.0 269.5...

  • Page 80
    ...benefit) related to income before income taxes consists of the following components (in millions): 2015 2014 2013 Current: U.S. federal statutory tax State Foreign Deferred: U.S. federal... nonrecurring discrete tax items including statute lapses, audit settlements, and a change in estimate. U.S....

  • Page 81
    ...United States, Brazil, Puerto Rico, the United Kingdom, Chile, Argentina and The Netherlands. Our NOL carryforward includes $6.0 million from the acquisition of Pester which is subject to an annual limitation as a result of the change in ownership pursuant to Section 382 of the Internal Revenue Code...

  • Page 82
    ...without" method for purposes of determining when excess income tax benefits have been realized. As of December 31, 2015 and 2014, our annual capital in excess of par value pool of windfall income tax benefits related to employee compensation was estimated to be nil and $1.0 million, respectively. As...

  • Page 83
    ...Tax Year Examination Examination not in progress yet initiated Jurisdiction United States Singapore United Kingdom Brazil Chile Denmark 2011, 2012 None None 2009 None None 2013 - 2015 2011 - 2015 2012 - 2015 2010 - 2015 2013 - 2015 2013 - 2015 10. Fair Value Measurements The carrying amounts of...

  • Page 84
    ... accompanying consolidated balance sheets. Nonrecurring Fair Value Measurements. In connection with the acquisition of all of the outstanding stock of Pester, we committed to a plan to sell certain assets and liabilities of Pester's fuel retail business. The fair value of the assets and liabilities...

  • Page 85
    The following table presents information regarding the balance sheet location of our commodity and foreign currency contracts net assets and liabilities (in millions): As of December 31, 2015 Commodity Contracts 2014 Assets: Short-term derivative assets, net Identifiable intangible and other non-...

  • Page 86
    ...): For the Year ended December 31, 2015 2014 2013 Revenue: Aviation segment Marine segment Land segment Gross profit: Aviation segment Marine segment Land segment Income from operations: Aviation segment Marine segment Land segment Corporate overhead - unallocated $ $ $ $ $ 11,738.2 9,367.2 9,274...

  • Page 87
    ... (Europe, Middle East and Africa) and the Asia/Pacific regions, is presented as follows, based on the country of incorporation of the relevant subsidiary (in millions): For the Year ended December 31, 2015 2014 2013 Revenue: United States EMEA (1) Asia/Pacific (2) Americas, excluding United States...

  • Page 88
    ....5 4,881.0 $ $ (1) Includes revenue related to the United Kingdom of $4.7 billion, $6.2 billion and $5.0 billion for 2015, 2014 and 2013, respectively. (2) Includes revenue related to Singapore of $5.8 billion, $9.7 billion and $10.1 billion for 2015, 2014 and 2013, respectively. Major Customers...

  • Page 89
    .... These net assets have been reported as part of our land segment. 14. Subsequent Event In February 2016, we signed a definitive agreement to acquire from certain ExxonMobil affiliates their aviation fueling operations at 83 airports in Canada, the United Kingdom, Germany, Italy, Australia and New...

  • Page 90
    ... of 1934, the registrant has duly caused this Form 10-K to be signed on its behalf by the undersigned, thereunto duly authorized, on the 16th day of February 2016. WORLD FUEL SERVICES CORPORATION /s/ MICHAEL J. KASBAR Michael J. Kasbar Chairman, President and Chief Executive Officer /s/ IRA M. BIRNS...

  • Page 91
    (This page has been left blank intentionally.)

  • Page 92
    ... International Hong Kong Limited Colt Risk Management Services, L.L.C. Combustibles Aereos Nacionales, S. de R.L. de C.V.* Ecuacentair Cia. Ltda. Falmouth Oil Services Limited* Falmouth Petroleum Limited Gib Oil (UK) Limited Gib Oil Limited Hellenic Aviation Fuel Company S.A. Henty Oil Limited Henty...

  • Page 93
    ... Tramp Oil & Marine Limited* Trans-Tec International S.R.L. U.S. Energy Engineering, Inc. U.S. Energy Services, Inc. Western Aviation Products LLC* Western Petroleum Company WF Lubricants S.L. WFL Mozambique, Lda WFL (UK) Limited Jurisdiction Maryland Colorado United Kingdom United Kingdom South...

  • Page 94
    ... World Fuel CX, LLC World Fuel Flight Services (Ireland) Limited World Fuel Gas and Power Limited World Fuel International S.R.L. World Fuel Services (Australia) Pty Ltd World Fuel Services (Bahamas) LLC World Fuel Services (Costa Rica) Limitada* World Fuel Services (Denmark) ApS World Fuel Services...

  • Page 95
    ... (Pvt.) Limited Pakistan World Fuel Services Peru S.R.L. Peru World Fuel Services Private Limited India World Fuel Services Trading DMCC United Arab Emirates World Fuel Services Turkey Petrol Urunleri Dagitim Ve Ticaret Limited Sirketi Turkey World Fuel Services, Inc. Texas World Fuel Singapore...

  • Page 96
    ... Tel +1 800 732 0330 The SEC also maintains a website of materials electronically filled by the Company, such as reports, proxy information statements, and other documents at sec.gov. Corporate Headquarters World Fuel Services Corporation 9800 N.W. 41st Street Miami, FL 33178 Tel +1 305 428 8000...

  • Page 97
    ANNUAL REPORT 2015 ©2016 World Fuel Services Corporation 9800 N.W. 41st Street Miami, FL 33178 Tel +1 305 428 8000 wfscorp.com