World Fuel Services 2015 Annual Report Download - page 26

Download and view the complete annual report

Please find page 26 of the 2015 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 97

  • 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
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97

21
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 2015 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 millions, except earnings and dividends per share data)
For the Year ended December 31,
2015
(1)
2014
(2)
2013
(3)
2012
(4)
2011
(5)
Revenue $ 30,379.7 $ 43,386.4 $ 41,561.9 $ 38,945.3 $ 34,622.9
Cost of revenue 29,519.2 42,572.8 40,809.1 38,271.9 33,987.9
Gross profit 860.5 813.6 752.8 673.4 635.0
Operating expenses
(6)
613.3 544.5 488.3 416.4 378.0
Income from operations 247.2 269.1 264.5 257.0 257.0
Non-operating income (expenses), net
(7)
(27.9) 0.4 (17.7) (17.4) (18.8)
Income before income taxes 219.3 269.5 246.7 239.6 238.2
Provision for income taxes 36.3 51.1 39.5 38.2 39.0
Net income including noncontrolling interest 183.0 218.4 207.2 201.4 199.2
Net (loss) income attributable to noncontrolling interest (3.9) (3.3) 4.1 12.0 5.2
Net income attributable to World Fuel
(7)
$ 186.9 $ 221.7 $ 203.1 $ 189.4 $ 194.0
Basic earnings per common share
(7)
$ 2.66 $ 3.13 $ 2.85 $ 2.66 $ 2.74
Basic weighted average common shares 70.2 70.8 71.2 71.2 70.7
Diluted earnings per common share
(7)
$ 2.64 $ 3.11 $ 2.83 $ 2.64 $ 2.71
Diluted weighted average common shares 70.7 71.3 71.8 71.8 71.5
Cash dividends declared per common share $ 0.24 $ 0.15 $ 0.15 $ 0.15 $ 0.15
As of December 31,
2015
(1)
2014
(2)
2013
(3)
2012
(4)
2011
(5)
Cash, cash equivalents and short-term investments $ 582.5 $ 302.3 $ 292.0 $ 172.7 $ 205.4
Accounts receivable, net 1,812.6 2,306.4 2,538.6 2,193.9 2,160.6
Total current assets 3,254.6 3,673.4 3,815.5 3,281.4 3,122.2
Total assets 4,549.4 4,881.0 4,739.3 4,107.8 3,697.2
Total current liabilities 1,762.8 2,239.3 2,514.5 2,149.3 2,026.1
Total long-term liabilities 865.2 776.8 545.9 416.8 324.4
Total equity
(8)
1,921.4 1,864.9 1,678.9 1,541.6 1,346.7
(1) In 2015, we acquired all the outstanding stock of Pester Marketing Company (“Pester”) on September 1st and completed
four 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 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.
(3) 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.