World Fuel Services 2011 Annual Report Download - page 9

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2011 was a year defined by record achievements and solid
performances companywide. Despite an ever changing
business climate, World Fuel Services continued to deliver
strong results. In 2011 our net income increased by 32%
with each of our segments performing very well. Our
balance sheet remained strong and we ended the year
with a healthy level of cash and liquidity.
Today, we are a global leader providing credit, finance,
services and logistics to the energy and transportation
markets. These markets will continue to face challenges
over the next few years. Supply and demand are stressed,
constrained and more variable than ever before. Increased
volatility and tight capital markets create uncertainty
for customers and suppliers alike. All of these factors
increase the risk profile of doing business. As a leading
global transportation fuels company, we understand the
value of having a strong and disciplined risk management
process in place. Our ability to effectively manage
market dynamics has created increasing demand for
our services. We employ 1,800 passionate and talented
people, handling the logistics of hundreds of different
products in more than 200 countries and territories. We
are a global business with deep domain expertise,
which enables us to simultaneously provide a world view
while having an intimate understanding of hyper-local
issues. We are united by a clear mission to create value
for our business partners in energy and transportation
by delivering innovative solutions through a global
team of local professionals. Our story has been one
of commitment to excellence in everything we do.
We have invested in people and systems, and it is our
culture that drives our success. It’s been an incredible
journey taking this company from $400 million in sales
in 1995, when Paul and I merged our company with
World Fuel, to $35 billion in 2011.
We have stood the test of time, endured adversity,
continued to successfully grow our franchise, and
produced solid results. This attests to the durability of
our business model and the commitment of our
management team. We will continue to refine our
processes and business model to benefit the entire
fuel supply chain. Today we face the challenge of
continued growth in a marketplace that is more uncertain
than in the 35 years I have been in this business. Our
team will continue to embrace these challenges, using
the discipline that has served us well over the years.
Our company is stronger, more global, more mature,
more embedded in its markets and more valuable than
ever to the global fuel supply chain. We are an important
part of worldwide commerce and take our mission
seriously to provide value, convenience and confidence
between users and providers of energy products. We
are optimistic about our future and believe in the enduring
and growing value of our business. It is my honor to
lead this team as we progress to the next level of growth.
Thank you for believing in World Fuel and thank you for
your continued support.
Letter from Our President and CEO
Michael J. Kasbar
President and Chief Executive Officer 5