World Fuel Services 2015 Annual Report Download - page 55

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50
Assets acquired:
Cash and cash equivalents $ 8.7
Accounts receivable 8.9
Inventories 7.4
Property and equipment 40.7
Identifiable intangible assets 25.9
Goodwill 39.4
Other current and long-term assets 31.1
Liabilities assumed:
Short-term debt (0.5)
Accounts payable (10.7)
Customer Deposits (1.5)
Accrued expenses and other current liabilities (38.6)
Non-current income tax liabilities and other long term liabilities (8.5)
Estimated purchase price $ 102.3
In connection with the 2015 acquisitions, we recorded goodwill of $39.4 million of which $1.7 million is anticipated to be
deductible for tax purposes. The identifiable intangible assets consisted of $18.1 million of customer relationships, $4.8
million of supplier relationships and $2.1 million of other identifiable intangible assets with weighted average lives of 5.3
years, 6.2 years and 3.4 years, respectively, as well as $0.9 million of indefinite-lived trademark/trade name rights.
The following presents the unaudited pro forma results for 2015 and 2014 as if the 2015 and 2014 acquisitions had been
completed on January 1, 2014 (in millions, except per share data):
2015 2014
(pro forma) (pro forma)
Revenue $ 30,952.0 $ 44,432.0
Net income attributable to World Fuel $ 190.6 $ 231.1
Earnings per common share:
Basic $ 2.71 $ 3.26
Diluted $ 2.70 $ 3.24
The financial position, results of operations and cash flows of the 2015 acquisitions have been included in our consolidated
financial statements since their respective acquisition dates and did not have a significant impact on our revenue and net
income for the 2015.
2014 Acquisitions
On March 7, 2014, we completed the acquisition of all of the outstanding stock of Watson Petroleum Limited (now 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 of Watson Petroleum was $164.3 million.
On July 29, 2014, we completed the acquisition of all of the outstanding stock of Colt International, L.L.C. (“Colt”) a leading
provider of contract fuel and international trip planning services in the general aviation marketplace. Colt is headquartered
in Houston, Texas and offers services at more than 3,000 locations. The purchase price of Colt was $72.9 million.
In addition to the above acquisitions, in 2014, we completed two acquisitions in our aviation segment and one acquisition
in our marine segment, which were not material individually or in the aggregate.
The financial position, results of operations and cash flows of the 2014 acquisitions have been included in our consolidated
financial statements since their respective acquisition dates.