World Fuel Services 2015 Annual Report Download - page 3

“We were able to maintain
the durability and diversity
of our business to deliver
strong results.”
Michael J. Kasbar
Chairman & Chief Executive Ofcer
To Our Shareholders
In a year marked by global economic and political
turmoil, collapsing world oil prices, and foreign
currency uctuations, World Fuel Services’
diversied energy solutions business model once
again proved resilient and delivered solid results.
Despite a perfect storm of oversupply and slow
demand, we gained signicant market share across
all segments, upheld a strong balance sheet, and
maintained ample liquidity to fund our growth.
Our reputation as a strong nancial counterparty
positioned us well with customers and suppliers, and
we nished the year with nearly 20 billion gallons of
fuel sold, an increase of almost 20% year-over-year.
While this growth is an impressive feat considering
the current market climate, volume alone does not
reect our expansive business model that cuts
across multiple segments.
Whether they are moving passengers, shipping
products, or manufacturing goods, our customers
need a reliable partner to provide comprehensive
energy solutions so they can focus on what they
do best. Our expanding logistics, risk management,
procurement, technology, and advisory service
offerings deliver solutions to customers in new
markets every day. Furthermore, the ubiquity of our
offerings allows our customers to rely on us in even
the most remote locations across the globe.
We have further enhanced our solutions offering
by developing energy management advisory and
fulllment services, principally supporting consumers
of natural gas and power. With logistics, commercial,
industrial and governmental customers consuming
the majority of energy worldwide, our global energy
management business allows us to leverage our
energy management skills to a broader cross section
of the market. This diversity creates stability in our
results and a much larger growth path.
We continue to advance the technology pillar
of our asset-light business model. This year we
invested in innovative, customer-facing transaction
management and payment processing tools and
embarked on a multi-year project which will include
an upgrade to our global ERP platform which
will drive back-ofce efciencies within our own
organization. We expect to uncover synergies across
our different offerings and customers once the back-
ofce capabilities are in place.
In summary, our diversied business model providing
energy solutions to the logistics, commercial,
industrial, and government sectors is paying off. Our
omni-channel approach offers a superior seamless
experience to our customers and suppliers, while
maintaining our asset ‘right’ footprint — the right
balance between third party, technology, and assets
to meet market needs.
Looking forward, we remain focused on our
long-term growth strategy to drive shareholder
value – developing organic initiatives and investing
in strategic opportunities to build a comprehensive,
service-oriented business that expands beyond fuel
procurement. Our talented team of professionals
continues to demonstrate a commitment to
excellence and a passion for our global mission of
creating value in global commerce.
As always, we appreciate the continued support
from our shareholders, customers and suppliers.
This is an exciting moment for World Fuel Services
and we remain enthusiastic about the abundance of
opportunities that lay ahead.
To Our Shareholders